Corn futures reversed the early Monday overnight weakness, as a midday pop off the lows took contracts to 1 to 2 ½ cent gains at the close.
Crop Progress data from this afternoon showed 77% of the US corn drop were silking as of July 28, 1% above the 5-year average. NASS also reported 30% of the crop in the dough stage, 8% above normal. Condition ratings were up 1% from the week prior to 68% in good/excellent conditions, pegging the Brugler500 index improving 2 points to 372.
The weekly Export Inspections report showed a total of 1.06 MMT (41.69 mbu) of corn during the week that ended on July 25. That was nearly double the same week last year and 6.83% above the week prior. Mexico continues to be the top destination of shipments, this week at 401,678 MT, with 302,042 MT headed to Japan. Exports year to date are now 46.66 MMT (1.837 bbu), which is now 34% above the same period last year.
AgRural estimates the Brazilian corn harvest at 91% complete in the center-south region of the country.
Sep 24 Corn closed at $3.96 1/4, up 1 3/4 cents,
Nearby Cash was $3.88, up 1 1/4 cents,
Dec 24 Corn closed at $4.12 1/4, up 2 1/4 cents,
Mar 25 Corn closed at $4.27, up 2 1/2 cents,
New Crop Cash was $3.75 7/8, up 2 cents,
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