Corn futures sputtered out of the gates on Tuesday morning, but are trading 4 to 5 cents higher through midday activity. 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.
The dry weather pattern expected across the Plains is forecast for the next week, with the Eastern Corn Belt regions seeing spottier totals.
USDA reported another private sale of 200,000 MT of corn to unknown destinations this morning for 2024/25 shipment.
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.
Sep 24 Corn is at $4.04 1/4, up 4 cents,
Nearby Cash is at $3.98 5/8, up 3 3/4 cents,
Dec 24 Corn is at $4.19 3/4, up 4 3/4 cents,
Mar 25 Corn is at $4.33 1/2, up 4 1/4 cents,
New Crop Cash is at $3.82, up 4 1/4 cents,
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