Corn futures were slow to react to the deteriorating conditions reported on Monday but saw some strength. Contracts closed with gains of 5 to 7 cents across most contracts at the close.
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 crop ratings 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. Ohio saw the largest drop of the main states, down 25 points, with Illinois dropping 12 points, and Nebraska losing 7 points. Iowa was down 4 points, with Minnesota slipping 2 points. Of the improved states, North Dakota led the way, up 13 points with South Dakota up 4 points and Missouri up 2 points.
A couple South Korean importers purchased a total of 136,000 MT in overnight tenders. Canadian production data will be updated on Wednesday via Statistics Canada, with corn expected to come in at 14.97 MMT.
Sep 24 Corn closed at $3.67 1/4, up 5 1/4 cents,
Nearby Cash was $3.54 1/1, up 4 1/4 cents,
Dec 24 Corn closed at $3.92 3/4, up 6 1/4 cents,
Mar 25 Corn closed at $4.11 1/2, up 6 1/4 cents,
New Crop Cash was $3.48 3/8, up 6 cents,
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