Corn Gets Bounce from Drop in Conditions

Corn futures are up 5 to 7 3/4 cents in most contracts on Tuesday. USDA reported another private export sale of 278,200 MT of corn for 19/20 delivery to Mexico. Monday’s Crop Progress report showed just PA and NC ahead of the average maturity pace for the crop. NASS will add harvest progress for the 18 tracked states next week. Condition ratings were down 3% to 55% gd/ex, a bigger drop than expected as the Brugler500 index was down 6 points to 347. The average trade estimate for Thursday is 167.2 bpa. By state NE (-12) and IL (-14) took the biggest hit in conditions this week, as IA was up 1 point and conditions in MO rose 7 points. Brazil’s corn crop is expected to be 99.98 MMT according to CONAB, up 0.672 MMT from their previous estimate. USDA is using 101 MMT.

SEP 19 Corn is at $3.48 1/2, up 7 3/4 cents,

DEC 19 Corn is at $3.60 1/4, up 6 cents,

MAR 20 Corn is at $3.73 1/4, up 6 cents

MAY 20 Corn is at $3.82, up 5 1/4 cents

-- provided by Brugler Marketing & Management

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