Corn futures held onto Wednesday’s weakness into the close though the $4.80 area held on December, with contracts just fractionally to 2 ¼ cents lower. The CmdtyView national average Cash Corn price was down 1 ¼ cents at $4.41.
The delayed Tuesday Crop Progress report showed 33% of the US corn crop harvested as of Sunday, 6 percentage points behind the average pace. Harvest pace was notably lagging in IA (-20% behind), MI (-18%), MN (-8%), NE (-8%), OH (-11%), and SD (-16%).
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Rains fell in parts of the TX panhandle, KS, MO and IL overnight, putting a pause on some harvest. More rain is expected in those areas, as well as NE through IA, and northern IL/Southern WI in the next couple days, with the southern portions of the ECB seeing upwards of an inch. The 7-day forecast past Friday does look a little drier.
EIA data will be delayed until Thursday, due to the Monday holiday, with most looking for output to see an increase in the week ending on October 9.
Dec 26 Corn closed at $4.80 3/4, down 2 cents,
Nearby Cash was $4.41, down 1 1/4 cents,
Mar 27 Corn closed at $4.94 1/4, down 2 1/4 cents,
May 27 Corn closed at $5.01 3/4, down 2 1/4 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.