Corn prices are just fractionally lower so far on Tuesday morning. Futures started falling out of the overnight gates on Sunday night and continued that trend through the rest of the day. Contracts were down 4 to 6 cents at the close.
Monday afternoon’s Crop Progress report indicated 84% of the US corn crop was in the dough stage as of August 25, 1% above normal. There was 46% of the crop dented, with 11% dented, both respectively 4% and 5% ahead of the 5-year average pace. Crop ratings were down 2% to 65% in the good to excellent categories, which dropped the Brugler500 by 5 points to 363, the lowest it has been so far this growing season.
Yesterday morning’s Export Inspections report showed 894,295 MT (35.21 mbu) of corn shipped in the week that ended on August 22. That was down 25.9% from last week but still 49.07% above the same week last year and the largest for the current week going back to 2018. The top destination was Mexico at 363,654 MT, with 178,398 MT headed to Columbia. Marketing year to date shipments have totaled 51.034 MMT (2.09 bbu) with just over a week left in the marketing year.
Sep 24 Corn closed at $3.62, down 5 3/4 cents, currently down 1/4 cent
Nearby Cash was $3.50 5/8, down 6 cents,
Dec 24 Corn closed at $3.86 1/2, down 4 1/2 cents, currently down 1/4 cent
Mar 25 Corn closed at $4.05 1/4, down 4 1/4 cents, currently down 1/4 cent
New Crop Cash was $3.42 3/8, down 5 cents,
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