Corn futures are showing strength on Tuesday’s midday reversing the slightly weaker overnight trade. Contracts are up 5 to 7 cents across the front months.
USDA reported a private export sale of 127,760 MT from Mexico this morning for new crop shipment.
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.
A couple South Korean importers purchased a total of 136,000 MT in overnight tenders.
Sep 24 Corn is at $3.67, up 5 cents,
Nearby Cash is at $3.54 1/8, up 4 1/2 cents,
Dec 24 Corn is at $3.92 1/4, up 5 3/4 cents,
Mar 25 Corn is at $4.11, up 5 3/4 cents,
New Crop Cash is at $3.47 3/8, up 5 cents,
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