US Corn Crop Advances as Futures Trade Lower
Corn futures are trading down slightly on Tuesday, with most contracts experiencing fractionally lower prices. The CmdtyView national average Cash Corn price is currently at $4.07 1/4, a decrease of 3/4 cent from previous levels.
The US corn crop is showing promising signs of progress, with Monday's Crop Progress report revealing that 94% of the crop has silked by August 9, surpassing the normal rate by 6 percentage points. Additionally, 61% of the crop is in the dough stage and 16% is dented.
US condition ratings remained steady at 61% good to excellent, while the Brugler500 index was unchanged at 356. However, some areas did experience deterioration, including North Dakota (-26%), Michigan (-13%), and Iowa (-6%). On the other hand, Indiana (+4%), Kansas (+5%), and Nebraska (+8%) saw improvements.
Ahead of Wednesday's Crop Production report from NASS, a Reuters survey of analysts predicts an expected yield of 182.4 bushels per acre, with a range of 180.5 to 184.8 bpa. Production is estimated at 15.934 billion bushels, while harvested acres are anticipated to be trimmed by 76,000.
The August Brazilian corn export total is forecasted to be 5.17 million metric tons, up from last week's estimate of 4.08 million metric tons.