Red Close for Tuesday Corn Futures
Corn ended the day down by a penny to 1 ½ cents across the front months after a back and forth Tuesday session. December futures printed a 7c range on the day from -4 ¾ to +2 ¼ cents. Dec futures sit at a 2 ½ cent gain for the week’s move after a stronger Monday session.
Ahead of the Quarterly Grain Stocks report the trade is looking for NASS to report final 22/23 carryout at 1.44 bbu. That would be 13 mbu looser than the WASDE projection. The full range of estimates is to see between 1.32 bbu and 1.51 bbu of corn supplies for Sep 1.
The Ag Rural reported Brazilian 1st crop planting at 25% complete for the Center South region as of 9/21. That is 4 ppts further along for the week, but is down 3% points from the same point last year.
NASS Crop Progress report had 95% of the corn crop in or beyond the dent stage, 70% mature, and national harvest advanced 6 ppts to 15% complete. Condition ratings converted to a 338 on the Brugler500 Index.
Dec 23 Corn closed at $4.79 3/4, down 1 1/2 cents,
Nearby Cash was $4.51, down 2 1/8 cents,
Mar 24 Corn closed at $4.94 1/2, down 1 1/4 cents,
Source Link: https://www.nasdaq.com/articles/red-close-for-tuesday-corn-futures
