Monday Gains for Corn Futures

Corn futures prices strengthened by 3/4 to 2 cents on the first trade day of August. March and May contracts were up the most on the day, each closing within a 1/4 of the high. NASS reported after the close that 92% of this year’s corn crop was silking as of August 2. The 5-yr average is 87%. Corn in the dough stage was up 17 percentage points wk/wk to 39%. The 5-yr average is 33%. Corn conditions were UNCH at 380 on the Brugler500 index. USDA reported 378.9 mbu of corn processed for ethanol in June. That was up 26% from the record low in May, but still 17% lower yr/yr. For the MYTD that is 4.017 bbu with 2 months remaining. Corn exports from the week ending July 30 were 28.193 mbu. That was down 81.36 mbu from the week prior, but compares to 25.425 mbu from the same week yr/yr. Accumulated milo exports are 143% larger yr/yr, from the week’s report as China was shipped 170,782 MT. Brazil shipped out 4.15 MMT of corn in July, down from 5.9 MMT from last year.

Sep 20 Corn closed at $3.17 1/2, up 1 1/2 cents,

Dec 20 Corn closed at $3.28 1/2, up 1 1/2 cents,

Mar 21 Corn closed at $3.40 1/4, up 2 cents,

May 21 Corn closed at $3.48, up 2 cents,

--- provided by Brugler Marketing & Management




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