Corn bulls missed the turnaround part of the Tuesday session, as futures closed with losses of 3 to 5 cents. The CmdtyView national average new crop Cash Corn price was down 3 3/4 cents at $3.67 3/4.
Crop Progress data indicated 76% of the US corn crop was silking as of 7/27, 1 point back of the 5-year average. The crop was 26% in the dough stage, vs. the 24% average. Condition ratings were down 1 point at 73% gd/ex and 384 on the Brugler500 index. By state, IN was down 2, with MO slipping back 3 points, MN 5 points lower and TX losing 6 points. IL, IA, and NE saw a 2 point improvement, with SD up 3, ND 5 points higher, and OH up 6.
Weekly ethanol production will be updated on Wednesday, with some looking for a slight drop in output during the week of July 25.
A South Korean importer purchased a total of 132,000 MT of corn in a tender overnight. A Taiwan importer also issued a tender for 65,000 MT of corn.
ANEC estimates Brazil’s import total for July at 4.18 MMT, which is up slightly from their previous estimate at 4.14 MMT and would be up from the 3.55 MMT last year.
Sep 25 Corn closed at $3.89 1/4, down 4 1/2 cents,
Nearby Cash was $3.72 1/2, down 5 cents,
Dec 25 Corn closed at $4.11, down 3 cents,
Mar 26 Corn closed at $4.28 3/4, down 2 1/2 cents,
New Crop Cash was $3.67 3/4, down 3 3/4 cents,
