Corn futures are extending the rally form Monday into Tuesday, as contracts are up another 4 to 6 cents. The national average Cash Corn price from cmdtyView is up 7 1/4 cents at $3.97 per bu.
The USDA reported a private export sale of 195,000 MT of 2024/25 corn to unknown destinations this morning.
After the Monday close, the Crop Progress report tallied 96% of the US corn crop dented, with 75% listed as mature. Harvested was pegged at 21%, which is 3% faster than the 5-year average. Harvest was ahead of normal in IL, IN, KS, MO, NE, and OH, with MN, the Dakotas, NC, PA and CO running behind. Condition ratings were down 1% to 64% gd/ex with the Brugler500 index slipping 1 point to 363. The Brugler500 ratings were down in IA by 1 point, KS by 6 points, with SD dropping 11. Ratings improved by 1 point in MN and ND, with MO up 2, NE 4 points better, and OH back up 10 points.
Grain Stocks data from Monday morning showed 1.76 billion bushels of corn on hand in both on and off farm stocks as of September 1. That came in 400 mbu above the previous year but was 84 mbu below the average trade guess and down from the 1.812 bbu in the September WASDE.
Dec 24 Corn is at $4.29 1/2, up 4 3/4 cents,
Nearby Cash is at $3.97 1/1, up 7 1/4 cents,
Mar 25 Corn is at $4.47, up 5 3/4 cents,
May 25 Corn is at $4.56, up 5 1/4 cents,
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