Corn futures fell back off midday gains on Tuesday, with contracts steady to 1 ½ cents lower, with a ¾ cent gain in front month July. The CmdtyView national average Cash Corn price was up 1 1/2 cents at $3.86 1/4.
USDA reported a private export sale of 120,000 MT of old crop corn to unknown destinations this morning.
NASS Crop Progress data from Monday showed 97% of the US corn crop planted by June 7, with emergence at 86%, near the 5-year average. US condition ratings were 67% in good to excellent condition, steady with the previous week. The Brugler500 index was up 1 point on higher excellent ratings to 372. Conditions dropped in TX by 11 points and IN by 10. Improvement was noted in IA (+2), NE (+4), and IL (+5).
USDA will release their monthly WASDE report on Thursday, with a Bloomberg survey of traders looking for a 6 mbu cut to old crop corn US carryout at 2.136 bbu, with new crop seen at 1.947 bbu, a 10 mbu reduction if realized.
A South Korean importer purchased 134,000 MT of corn in a tender overnight.
Jul 26 Corn closed at $4.19 1/2, up 3/4 cent,
Nearby Cash was $3.86 1/4, up 1 1/2 cents,
Sep 26 Corn closed at $4.27 1/2, unch,
Dec 26 Corn closed at $4.45 1/4, down 3/4 cent,
New Crop Cash was $4.01 1/2, up 1/4 cent,
