Corn prices are starting off the Tuesday session with 4 to 5 cent lower trade. Futures reversed the early Monday weakness, as a midday pop off the lows took contracts to 1 to 2 ½ cent gains at the close.
NASS Crop Progress data from Monday afternoon showed 77% of the US corn crop was silking as of July 28, 1% point above the 5-year average. NASS also reported 30% of the crop in the dough stage, 8 percentage points faster than average. Condition ratings were up 1% point from the week prior to 68% in good/excellent conditions, raising the Brugler500 index 2 points to 372.
The weekly Export Inspections report earlier on Monday showed a total of 1.06 MMT (41.69 mbu) of corn inspected in 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. Export inspections year to date are now 46.66 MMT (1.837 bbu), which is 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, currently down 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, currently down 4 1/2 cents
Mar 25 Corn closed at $4.27, up 2 1/2 cents, currently down 4 1/2 cents
New Crop Cash was $3.75 7/8, up 2 cents,
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