The corn market rebounded on Tuesday and closed fractionally to 3 1/2 cents in the black. December contracts poked their head over the $5 mark late in the session but faded into the close.
Brazil’s Anec estimates corn shipments at 9.8 MMT for August.
Ahead of the NASS Crop Production and WASDE updates on Friday, analysts are looking for a 1.8 bpa national corn yield hit on average. The full range of estimates is from 172.4 to 178 bpa. Traders expect total production to be 15.153 bbu on average. New crop carryout is expected to drop 95 mbu to 2.167 on average.
The weekly NASS Crop Progress report had corn 93% silking, 47% in the dough stage, and 8% dented as of 8/6. Corn conditions increased 4 points from last week on the Brugler500 Index to 349.
Sep 23 Corn closed at $4.85 3/4, up 3 1/2 cents,
Nearby Cash was $5.26 5/8, up 3 1/2 cents,
Dec 23 Corn closed at $4.98 3/4, up 3 cents,
Mar 24 Corn closed at $5.12 1/4, up 3 cents,
On the date of publication, Alan Brugler 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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