Corn Fading Early Gains for Midday Tuesday Weakness

Corn futures are showing fractional to 1 ¼ cents so far at Monday’s midday. The CmdtyView national average Cash Corn price is down 1 1/4 cents at $4.35.

The ProFarmer Crop Tour started on Monday, with South Dakota corn yields averaging 149.09 bushels per acre down 14.41% from the last year and 8.37% below the 3 year average. Ohio yields came in at 180.18 bpa, down 2.97% from a year ago and a 2.25% decline from the three year average. Results for Indiana and Nebraska will be announced later this evening.

The weekly Crop Progress report showed 76% of the US corn crop in the dough stage by August 16, with 29% dented and 4% listed as mature. Condition ratings were down 1% this week at 60% in good to excellent condition, as the Brugler500 index was down 3 points to 353. By state, 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 is at $4.63 3/4, down 1 1/4 cents,

Nearby Cash is at $4.35 1/1, down 1 1/4 cents,

Dec 26 Corn is at $4.88 1/2, down 1 cent,

Mar 27 Corn is at $5.04 1/2, down 3/4 cent,

New Crop Cash is at $4.39 1/1, down 1 1/2 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.