Corn prices are starting off the Turnaround Tuesday session with contracts 3 to 5 cents higher. Futures were down hard on Monday, with most nearby months losing 7 to 11 ½ cents. Some deferreds were 1 to 4 ½ cents in the red. Predicted 5 day rain accumulations of 1-2” over a good portion of the Corn Belt this week added to sell pressure. 

The weekly Crop Progress report showed that 41% of the US corn crop was silking by July 14, ahead of the 32% average for the date. The crop was also 8% in the dough stage, double the 5-year average pace. Condition ratings were 68% gd/ex, unchanged from the week prior and below estimates calling for a 1% improvement. The Brugler500 index taking into account all 5 ratings was UNCH from last week at 372. 

Export Inspections data from Monday morning showed a total of 1.079 MMT (42.5 mbu) of corn shipped during the week of July 11. That was more than double the same week last year, as the solid shipping pace this year continues, and 5.37% above the week prior. Mexico continues to be the top destination, with 555,962 MT headed that way, 135,150 MT shipped to Taiwan and 119,320 MT to Japan. Accumulated shipments are 44.592 MMT (1.76 bbu) for the year, a 31.32% increase vs. the same period last year. USDA raised it’s export estimate last Friday. 

AgRural estimates the second crop corn harvest in the center-south region of Brazil was 74% complete as of last Thursday, still well ahead of the average pace.

Sep 24 Corn  closed at $3.90 1/2, down 11 1/2 cents, currently up 4 1/4 cents

Nearby Cash  was $3.82, down 11 cents,

Dec 24 Corn  closed at $4.04 1/4, down 10 1/2 cents, currently up 3 1/2 cents

Mar 25 Corn  closed at $4.17 3/4, down 10 1/4 cents, currently up 3 cents

New Crop Cash  was $3.66 3/8, down 11 1/2 cents,