Corn Gets Tuesday Bounce on Deteriorating Conditions

Corn futures closed the Tuesday session with 6 to 7 3/4 cent gains in most contracts. 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 6 points on the Brugler500 index to 347. 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. Prior to Thursday’s monthly USDA update, analysts expect to see a 41 mbu jump to old crop ending stocks at 2.401 bbu. New crop is seen dropping 251 mbu on a cut to production at 1.93 bbu. 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 closed at $3.48 1/2, up 7 3/4 cents,

DEC 19 Corn closed at $3.61 1/2, up 7 1/4 cents,

MAR 20 Corn closed at $3.74 1/2, up 7 1/4 cents

MAY 20 Corn closed at $3.83 1/2, up 6 3/4 cents

-- provided by Brugler Marketing & Management

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