Corn Firmly Higher at Midday

The Tuesday session has corn futures fractionally to 1 1/2 cents higher at midday. As of August 9, NASS says that 11% of new crop corn in the 18 major states was dented. The 5-yr average is 12%. Also from the Crop Progress report, 59% of corn was in the dough stage, and only 3% of the national crop had yet to reach silking stage. Corn conditions fell back a point on the Brugler500 index to 379. Colorado ratings fell the most, dropping back 20 points to 295. IA conditions also fell wk/wk, down 8 points to 372. A derecho with 100+ mph winds also swept through part of IA, flattening crops. CONAB released their monthly production estimate. They raised both first and second corn crops for a net increase of 1.58 MMT to 102.142 MMT. Analysts expect USDA will leave their estimate at 101 MMT for Brazil.

Sep 20 Corn is at $3.12 1/4, up 1 3/4 cents,

Dec 20 Corn is at $3.24 1/2, up 1 1/2 cents,

Mar 21 Corn is at $3.36, up 1 1/4 cents,

May 21 Corn is at $3.43 3/4, up 3/4 cent,

--- provided by Brugler Marketing & Management

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