Corn Back to Early Strength on Wednesday, as Tour Yields Continue Decline

Corn prices are up 2 to 3 cents so far on Wednesday morning. Futures posted mixed trade on Tuesday, with contracts closing as much as 1 ¾ lower to a penny higher across the board. Open interest was up just 6,454 contracts on the day. The CmdtyView national average Cash Corn price was down 1 3/4 cents at $4.35 1/2.

The ProFarmer Crop Tour started rolled along on Tuesday, with Nebraska corn yields averaging 163.61 bushels per acre down 8.85% from the last year and 5.6% below the 3 year average. Indiana yields came in at 183.54 bpa, down 5.3% from a year ago and a 2.1% decline from the three year average. Results for Illinois will be announced later this evening.

The weekly Crop Progress report showed condition ratings down 1% this week at 60% in good to excellent condition, as the Brugler500 index was down 3 points to 353. By state via the Brugler500 index KS (-18), SD (-13), IN (-9), MN (-8), WI (-6), CO (-24), and TX (-11) all saw deteriorating conditions. Improvement was noted in NE (+2), ND (+17), OH (+7), as well as PA, NC, MI and KY.

ANEC estimates the Brazilian corn export total in August at 5.63 MMT, a 0.46 MMT increase from last week’s number.

Sep 26 Corn  closed at $4.63 1/4, down 1 3/4 cents, currently up 2 3/4 cents

Nearby Cash  was $4.35 1/2, down 1 3/4 cents,

Dec 26 Corn  closed at $4.88, down 1 1/2 cents, currently up 2 3/4 cents

Mar 27 Corn  closed at $5.04, down 1 1/4 cents, currently up 2 3/4 cents

New Crop Cash  was $4.38 1/4, down 2 1/4 cents,

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.