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Corn Extends Rally on TuesdayCorn futures extended the rally into Tuesday following the Monday strength. Contracts were up 2 ¾ to 5 ¼ cents across the board. The national average Cash Corn price from cmdtyView was up 6 3/4 cents at $3.96 1/2 per bu. The USDA reported a private export sale of 195,000 MT of 2024/25 corn to unknown destinations this morning. The monthly Grain Crushing report from NASS showed 472.7 mbu of corn used in ethanol production during August. That was down 2.3% from July after a revision higher and up 7.02% from August 2023. Full marketing year corn grind totaled 5.471 bbu, compared to the 5.465 bbu USDA estimate earlier this month. The Crop Progress report tallied harvest ahead of normal in IL, IN, KS, MO, NE, and OH, with MN, the Dakotas, NC, PA and CO running behind. Condition ratings via the Brugler500 ratings were down in IA by 1 point, KS by 6 points, with SD dropping 11. Ratings improved by 1 point in MN and ND, with MO up 2, NE 4 points better, and OH back up 10 points. StoneX estimates the first corn crop out of Brazil at 24.87 MMT, slightly below their previous estimate. For the US, they raised their yield estimate by 1.1 bpa to 184 bpa. That pushed the total projected US production to 15.222 bbu, up 95 mbu from their previous number. Dec 24 Corn closed at $4.29, up 4 1/4 cents, Nearby Cash was $3.96 1/2, up 6 3/4 cents, Mar 25 Corn closed at $4.46 1/2, up 5 1/4 cents, May 25 Corn closed at $4.55 3/4, up 5 cents, On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. |
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