Corn Futures 1 to 2 Cents Higher

Overnight corn trading has futures 1 to 2 cents higher to open the Tuesday session. A Bloomberg survey has US average corn yield dropping to 177.9 bpa in Friday’s NASS report. USDA is currently at 178.5 bpa. Corn futures were fractionally lower Monday. After the close, USDA’s Crop Progress report saw 87% of the 2020/21 corn crop at maturity. The 5-yr average is 78%. NASS showed harvest at 25%, up 1 point from the 5-yr average. In IA, 25% of corn was cut and NE fields were 21% cut. The neighboring states were 15 and 6 percentage points ahead of their respective averages. Corn conditions improved 1% good/ex to reach 359 on the Brugler500 index. FranceAgriMEr said the French corn harvest was 32% complete, up from 15% LW. In Ukraine 18% of corn has been picked so far, yielding 4.47 MMT. The weekly Export Inspections report showed 34.014 mbu of corn were shipped on the week ending 10/01. Corn exports are 144.4 mbu through the first 5 weeks of the marketing year, up 81% yr/yr.

--- provided by Brugler Marketing & Management

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