Corn Market Fractionally Lower After Tuesday Drop

Corn futures are trading fractionally lower this morning. They ended the Tuesday session with most nearby contracts 5 to 6 cents lower. December closed the gap from May 24 at $4.20, hitting a 2-month low. USDA still shows each of the 18-reported states (excluding TN) behind their respective progress pace for silking and dough. Wk/wk improvements in crop conditions were reported in IL and MO (+6), as well as IA and SD (+4). Ratings in NE and MN were down 2, with OH 4 points lower. The 6-10 day outlook shows cooler than normal temps for much of the WCB over the in that time period, with above normal precip chances. The national corn cash index from cmdtyView on Tuesday shows an average cash price of $4.02 3/4, up 67 1/2 cents from the same day last year. They also peg basis at -8 1/2 cents, stronger than last year but weakening ~1 1/4 cents from last week.

--provided by Brugler Marketing & Management




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