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Corn Closes Near the Day’s Lows
Corn futures posted losses of 1 ½ to 7 ¼ cents out to the 24/25 MY contracts, with the rest showing fractional gains. Pressure from the dollar and losses in wheat weighed on things into the close.
The Tuesday afternoon Crop Progress report showed that Iowa is the only of the I-states to still lag the average planting pace, with NE, CO, KY, PA, TN, and TX all behind normal as well. Wet weather has slowed but not stopped planting progress, with the Plains expected to see some precip this week but things drying by the weekend.
Due to the Monday holiday, EIA data has been pushed back to a Thursday morning release, with Export Sales out on Friday.
China recently approved 2 GMO corn varieties from Argentina for import, expected in July.
Jul 24 Corn closed at $4.55 1/4, down 7 1/4 cents,
Nearby Cash was $4.36 1/2, down 6 3/4 cents,
Sep 24 Corn closed at $4.65, down 6 1/2 cents,
Dec 24 Corn closed at $4.78 3/4, down 6 1/2 cents,
New Crop Cash was $4.43 3/8, down 6 3/8 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.