Corn futures closed out the Tuesday session with contracts down 3 to 4 cents, as the market tries to digest some of the current boots on the ground data. The CmdtyView national average Cash Corn price was down 3 1/4 cents at $3.62 1/2.
The annual ProFarmer crop tour started on Monday, with the Ohio crop pegged at 185.69 bpa, up from 183.29 bpa last year and the 180.47 3-year average. USDA is looking for a 19 bpa increase yr/yr. Yield in South Dakota was estimated at 174.18 bpa, which is up 17.67 bpa from last year’s tour total and well 30.05 bpa above the 3-year average. USDA was looking for a 4 bpa increase from last year in last Tuesday’s report. Results for NE and IN will be announced tonight.
Monday afternoon’s weekly Crop Progress report showed the US corn crop at 72% in the dough stage, with at 27% dented as of Sunday and 3% mature. Conditions slipped 1 point this week, to 71% gd/ex and 382 on the Brugler500 index. Notable improvement was in IL (+2), IA (+1), MO (+3), and NE (+1). Ratings slipped in IN (-1), MN (-4), ND (-2), OH (-2), and SD (-1).
Brazil’s corn exports are pegged at 8.05 MMT for August according to ANEC, which is up 0.08 MMT from last week’s estimate.
Sep 25 Corn closed at $3.79 1/2, down 3 1/2 cents,
Nearby Cash was $3.62 1/2, down 3 1/4 cents,
Dec 25 Corn closed at $4.03 1/4, down 3 1/4 cents,
Mar 26 Corn closed at $4.20 3/4, down 3 1/2 cents,
New Crop Cash was $3.58 1/1, down 3 1/2 cents,
