Corn Lower on Improving Conditions, Warmer Weather

Corn futures settled 6 to 7 cents lower in the 2019 contracts on Tuesday. Some of the late 2020 contracts were down a penny or less. Warmer weather expected in the coming week was seen as aiding crop maturity. The weekly Crop Progress report showed all of the 18 reported states except TX were lagging their average silking pace. NASS crop conditions by state showed NE up 7 points on the Brugler500 scale, with MN 3 points higher. IA was down 6, with IN 3 lower and IL down 10 points. Ahead of Thursday’s monthly USDA update, analysts are looking for old crop corn ending stocks to rise slightly to 2.204 bbu according to a Bloomberg survey. An export cut is the predominant notion on the how. New crop is expected to be trimmed by 12 mbu to 1.663 bbu. A Ukrainian weather forecaster pegs the country’s corn crop at 36 MMT (vs. 33 MMT from USDA), noting favorable weather conditions.

JUL 19 Corn closed at $4.31 3/4, down 6 3/4 cents,

SEP 19 Corn closed at $4.32 1/2, down 7 cents,

DEC 19 Corn closed at $4.37 1/4, down 6 1/2 cents,

MAR 20 Corn closed at $4.44 1/2, down 6 cents

--provided by Brugler Marketing & Management

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