The corn market is trying to squeeze out some gains ahead of the Thursday holiday, as contracts are up fractionally to 2 cents so far. The market will be closed on Thursday for Juneteenth. Futures posted gains to 3 to 4 cents in most nearby contracts on Tuesday, with July falling back 3 ¼ cents. Preliminary open interest was down 3,038 contracts on Tuesday, with July dropping 38,729 contracts and September up 20,816 contracts. The front month CmdtyView national average Cash Corn price was down 3 1/4 cents at $4.08 1/4.
Rains are scattered over much of the Corn Belt for the next week according to the NOAA 7-day QPF.
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The weekly EIA report will be released on Wednesday, with traders for ethanol production to remain robust following last week’s record number.
USDA Crop Progress data showed condition ratings up 1 point to 72% good/excellent, as the Brugler500 index was one point higher to 379 points. Ratings were shifting over the Corn Belt, with IN and IA slipping back 4 points, and TX down 16. Improvement was noted in NE, up 8, with IL and MN 2 points higher and ND 3 points higher.
ANEC estimates the Brazilian corn export total for June at 913,316 MT, which is slightly below the estimate from the previous week.
Jul 25 Corn closed at $4.31 1/2, down 3 1/4 cents, currently up 3/4 cent
Nearby Cash was $4.08 1/4, down 3 1/4 cents,
Sep 25 Corn closed at $4.23 3/4, up 4 cents, currently up 1 3/4 cents
Dec 25 Corn closed at $4.38 3/4, up 3 3/4 cents, currently up 2 cents
New Crop Cash was $3.96 1/1, up 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.
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