Corn Lower on Turnaround Tuesday

Front month corn futures closed the Tuesday session lower by 1 to 2 cents. The national average corn basis from cmdtyView is still at 30 cents under Dec. The national average basis weakened from -19 to -26 cents under Sept during August, but has remained -32 to -30 against Dec for the last two weeks. cmdtyView raised their national corn production forecast 14.76 mbu to 15.13 bbu. The increase came mostly from KS, which was 11.8 mbu higher to 779 mbu, but without yield changes the higher production came via acreage revisions. The average of analyst estimates is for 2.266 bbu of corn stocks on Sept 1. The Grain Stocks report will be out tomorrow. NASS reported 15% of 2020/21 corn was harvested. Iran is tendering for 200k MT of optional origin corn.

Dec 20 Corn closed at $3.64 3/4, down 2 cents,

Mar 21 Corn closed at $3.74, down 1 1/2 cents,

May 21 Corn closed at $3.79 1/2, down 1 1/2 cents,

Jul 21 Corn closed at $3.84, down 1 cent,

--- provided by Brugler Marketing & Management




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