Corn Ends Tuesday Lower on Profit Taking

Corn futures closed the Tuesday session with most contracts 4 to 5 3/4 cents lower, rallying 5-6 cents off the lows of the day. Moderation in the US weather forecasts and a bump in condition ratings provided an excuse for profit taking. Of the 18 reported states, just PA and TX were ahead of their average silking progress. That means most states were not as vulnerable to pollination issues with this week’s high temps as they might otherwise have been. NASS also reported conditions in IL 10 points higher (Brugler500 Index) on the week, with MO up 8 and OH 5 points higher. IN and IA were steady, with MN 5 points lower and NE down 2. The national average corn cash price was reported at $4.26 3/4 by cmdtyView, pegging basis at -8 1/2 cents against September. Last year on the same date, cash was @ $3.07 3/4 with basis at -34 cents. INTL FCStone estimates Brazil corn production at 99.7 MMT, up 1.5 MMT from their previous number.

SEP 19 Corn closed at $4.35 1/4, down 5 3/4 cents,

DEC 19 Corn closed at $4.41 1/4, down 5 3/4 cents,

MAR 20 Corn closed at $4.48 1/2, down 5 1/4 cents

MAY 20 Corn closed at $4.52, down 4 1/2 cents

--provided by Brugler Marketing & Management

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