Corn prices are down 4 to 7 cents across most contracts at midday, as better crop ratings and a less threatening forecast is weighing on the market.
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. Most of the northern states, MN and the Dakotas, which have been behind in growing degree days, were lagging their 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. Using that all rating inclusive Brugler500 index, the I-states were up in a range of 3 to 5 points, as Ohio was up 3 points on the week. Some of the weaker spots included ND, down 6 with KS 8 point slower and MO/NE down a single point.
Sep 24 Corn is at $3.90, down 6 1/4 cents,
Nearby Cash is at $3.81 5/8, down 7 1/2 cents,
Dec 24 Corn is at $4.06, down 6 1/4 cents,
Mar 25 Corn is at $4.21, down 6 cents,
New Crop Cash is at $3.68 3/4, down 7 cents,
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