Corn Showing Nearby Selling at Midday
Corn futures are renewing some bear spreading at midday on Wednesday, with contracts down 2 to 4 cents in the nearbys and 8 ½ cents for July. The front month CmdtyView national average Cash Corn price is down 8 1/2 cent at $4.25 3/4.
After the close, the weekly Crop Progress report showed the US corn crop at 87% planted, now just 2 percentage points ahead of the 5-year average. Some of the eastern states were lagging behind, with IL (-5%), IN (-3%), KY (-12%), NC (-2%), OH (-19%), PA (-10%), and TN (-5%) were all below the 5-year average. Emergence was tallied at 67%, ahead of the 60% average.
The first NASS ratings of the year showed 68% of the crop good or excellent, below estimates of 73%. That translates to a 374 score on the Brugler500 index (100-500 point scale), which is 11 points below the initial rating last year.
EIA data is delayed until Thursday due to Monday’s holiday.
Jul 25 Corn is at $4.51, down 8 1/2 cents,
Nearby Cash is at $4.25 3/4, down 8 1/2 cents,
Sep 25 Corn is at $4.30 1/4, down 3 1/2 cents,
Dec 25 Corn is at $4.43 3/4, down 2 3/4 cents,
New Crop Cash is at $4.01 1/4, down 3 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. For more information please view the Barchart Disclosure Policy here.