Corn Market 2to 3 Cents Higher on Condition Decline

Corn futures are trading 2 to 3 cents higher on Turnaround Tuesday. They ended the Monday session with most contracts lower by 7 to 9 cents per bushel. The drop in crop condition ratings last week suggested to some potential yield loss. We see the change as statistically insignificant. The weekly Crop Progress report showed 35% of the crop silking as of Sunday vs. the 66% average, with 5% in the dough stage (10% average). Corn conditions slipped 1% to 57% gd/ex and 2 points on the Brugler500 index to 351. This was due to heat stress in a number of states during the reporting period. The Export Inspections report from USDA showed corn shipments of just 438,045 MT in the week that ended on July 18. That was a 36.56% drop from last week and less than 1/3 of the same week last year. AgRural estimates the Brazilian second corn crop is 67% harvested, which is well above the 36% from this week last year.

--provided by Brugler Marketing & Management




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