Corn prices are fractionally lower in early Tuesday market activity. Futures started off the week in rally mode, as contracts closed with 9 to 11 cent gains across the front months on Monday. A drier forecast across much of the Corn Belt as we get into full pollination mode and into grain fill helped support the market. CME Group reported that combined open interest hit a one month high of 1,586,978 contracts, up 4,101 on net new buying. Options implied volatility jumped with the rally.
Monday afternoon’s Crop Progress report showed 61% of the US corn crop silking by Sunday, 5% faster than the average pace. There was also 17% reported in the dough stage, 6% ahead of normal. Condition ratings slipped 1% across the US, with 67% rated good/excellent. That dropped the Brugler500 index by 2 points to 370, as 1% shifted from good to poor.
Export Inspections data from Monday morning showed 970,539 MT (38.2 mbu) in corn shipments during the week that ended July 18. That was nearly triple the same week last year, but down 11.14% from the previous week. The largest destination was again Mexico, with 334,758 MT in shipments, as another 275,872 MT headed to South Korea. Accumulated exports for the marketing year have totaled 45.58 MMT, (1.794 bbu), which is a 32.93% increase from the previous MY.
Sep 24 Corn closed at $4.00 1/4, up 9 3/4 cents, currently down ½ cents
Nearby Cash was $3.93 3/8, up 10 cents,
Dec 24 Corn closed at $4.15, up 10 1/4 cents, currently down ½ cents
Mar 25 Corn closed at $4.29 1/4, up 10 3/4 cents, currently down ¾ cents
New Crop Cash was $3.78 1/2, up 10 cents,
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