Corn Lower on Profit Taking

Corn futures are trading 8 to 9 3/4 cents lower in the front months on Tuesday. Moderation in the US weather forecasts and a bump in condition ratings is giving the excuse for profit taking. NASS reported that 17% of the US corn crop was silking as of July 14, vs. the 5-year average of 42%. Of the 18 reported states, just PA and TX were ahead of normal. USDA also reported conditions up 1% at 58% gd/ex, which converts to a 1-point rise on the Brugler500 index to 353. On the week, IL was 10 points higher, with MO up 8 and OH 5 points higher. IN and IA were steady, with MN 5 points lower and NE down 2. INTL FCStone estimates Brazil corn production at 99.7 MMT, up 1.5 MMT from their previous number.

SEP 19 Corn is at $4.31 1/2, down 9 1/2 cents,

DEC 19 Corn is at $4.37 1/4, down 9 3/4 cents,

MAR 20 Corn is at $4.44 1/2, down 9 1/4 cents

MAY 20 Corn is at $4.47 3/4, down 8 3/4 cents

--provided by Brugler Marketing & Management




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