Corn Fading Early Gains for Midday Tuesday Weakness

At midday on Monday, corn futures exhibited minor gains, with the CmdtyView national average Cash Corn price falling by 1 ¼ cents to $4.35. The ProFarmer Crop Tour commenced on Monday, revealing that South Dakota corn yields were 149.09 bushels per acre, a 14.41% decline compared to the previous year and 8.37% below the three-year average.

Ohio recorded 180.18 bushels per acre, experiencing a 2.97% decrease from last year and a 2.25% reduction from the three-year average. Reports for Indiana and Nebraska are set to be released later that evening. The convergence of the Pro Farmer Crop Tour and concerns over a global supply shortage is expected to impact corn and soybean prices.

According to the weekly Crop Progress report dated August 16, 76% of the US corn crop was in the dough stage, with 29% already dented and 4% classified as mature. Condition ratings had dipped by 1% this week, with 60% of the crop now rated as good to excellent, while the Brugler500 index fell by 3 points to 353. Certain states, including Kansas, South Dakota, Indiana, Minnesota, Wisconsin, Colorado, and Texas, reported worsening conditions.

Conversely, Nebraska, North Dakota, Ohio, Pennsylvania, North Carolina, Michigan, and Kentucky exhibited improvements. The Brazilian corn export forecast for August stands at 5.63 million metric tons, representing a 0.46 MMT increase from the previous week's figure. As of the publication date, Austin Schroeder disclosed no direct or indirect positions in any of the securities mentioned within this article.

All insights and data presented herein are intended for informational purposes only. This report was originally published on Barchart.com.