Corn Takes a Tumble on Tuesday
cmdtyNewswires - Tue Aug 04, 9:53PM UTC
Corn futures faced sharp selling pressure on Tuesday, as front months were down 7 to 9 cents. Several new crop months posted contract lows. Barchart’s cmdty Yield Forecast for August is 174.8 bpa. That is up 1 bpa from the July forecast, but below USDA’s 178.5. Other notable firms are forecasting 180 to 182.4 bpa. Monday’s Crop Progress report showed the crop progressing faster than normal for a majority of the US, with a few ECB and fringe states slightly below normal for the dough stage. The 7-day QPF shows precip hitting 1-1.5 inches in scattered parts of the Corn Belt, including good coverage in Iowa. The 8-14 day outlook shows higher chances for above normal temp and slightly above normal precip for the Eastern half of the US through mid-August.
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SEP 19 Corn closed at $3.08 1/2, down 9 cents,
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DEC 19 Corn closed at $3.20 1/2, down 8 cents,
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MAR 20 Corn closed at $3.32 1/4, down 8 cents
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