Corn price action is down fractionally to a penny so far on Tuesday. Futures closed out the Monday session holding to their bearish sentiment from earlier in the day. Contracts were down 5 to 6 cents at the close. Preliminary open interest showed new selling interest, up 6,950 contracts. The CmdtyView national average new crop Cash Corn price was down 5 1/4 cents at $3.71 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.
USDA tallied corn export shipments at 1.522 MMT (59.93 mbu) during the week ending on July 24. That was up 54.55% from last week and 42.16% above the same week last year. Of that total, 610,316 MT was headed to Japan, with 460,381 MT on its way to Mexico. Marketing year exports have totaled 60.34 MMT (2.376 bbu), which is 29.25% above the same period last year.
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.
Sep 25 Corn closed at $3.93 3/4, down 5 3/4 cents, currently down 1 cent
Nearby Cash was $3.78 1/2, down 6 1/4 cents,
Dec 25 Corn closed at $4.14, down 5 cents, currently down 3/4 cent
Mar 26 Corn closed at $4.31 1/4, down 5 1/4 cents, currently down 1 cent
New Crop Cash was $3.71 5/8, down 5 1/4 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. This article was originally published on Barchart.com