Corn price action is steady to a penny higher so far on Wednesday morning. Futures closed the Tuesday session with the weakness continuing, as contracts were down 2 ½ to 6 cents across the board, led by the new crop months. Open interest suggested new selling interest up 13,907 contracts. The CmdtyView national average Cash Corn price was down 3 ¼ cents at $4.04 ½.
NASS Crop Progress data showed 93% of the US corn crop planted as of May 31, 1 percentage point ahead of normal. Emergence was at 76% of the expected area, 2% faster than normal. The initial corn crop rating came in a 67% good/excellent, coming in below the 70% estimate from a Reuters survey of analysts and 2% below the year prior. That was a 371 rating on the Brugler500 index (100-500 point scale of the 5 USDA categories), which was a 3-year low and the third lowest initial rating in the last 13 years. The lower end of ratings came in at 340 for Ohio, with Iowa ratings at 399.
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The 7-day forecast from NOAA shows ½ inches across much of the Western Corn Belt, west of the Mississippi River. East of that line is looking at less than an inch of rainfall, with the exception to northern IL and WI.
Jul 26 Corn closed at $4.40 1/2, down 3 1/2 cents, currently up 1/4 cent
Nearby Cash was $4.04 1/2, down 3 1/4 cents,
Sep 26 Corn closed at $4.48, down 4 3/4 cents, currently up 1 cent
Dec 26 Corn closed at $4.66 1/2, down 6 cents, currently up 1 cent
New Crop Cash was $4.19 3/4, down 5 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.
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