Corn Futures Fade Gains Amid Disappointing Crop Tour Results
Corn futures are experiencing early gains but have since faded as midday on Tuesday brought weakness to the market. According to Barchart, the CmdtyView national average Cash Corn price is down 1.25 cents at $4.35. The ProFarmer Crop Tour kicked off on Monday, with South Dakota corn yields averaging 149.09 bushels per acre, a decline of 14.41% from last year and 8.37% below the three-year average.
Ohio yields came in at 180.18 bpa, down 2.97% from a year ago and a 2.25% decline from the three-year average. Results for Indiana and Nebraska will be announced later this evening. The weekly Crop Progress report showed 76% of the US corn crop in the dough stage by August 16, with 29% dented and 4% listed as mature.
Condition ratings were down 1% this week at 60% in good to excellent condition, while the Brugler500 index was down 3 points to 353. Several states saw deteriorating conditions, including Kansas (-18), South Dakota (-13), Indiana (-9), Minnesota (-8), Wisconsin (-6), Colorado (-24), and Texas (-11). Improvement was noted in Nebraska (+2) and North Dakota (+17).
ANECA estimates the Brazilian corn export total in August at 5.63 MMT, a 0.46 MMT increase from last week's number.