Corn Market 1 to 2 Cents Higher on Short Covering

Corn prices moved 1 to 2 cents per bushel higher overnight as shorts took some money off the table. 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 firms are forecasting 180 to 183 bpa. 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. EIA will release the weekly ethanol production data later this morning. Official June export data will also be released.

--- provided by Brugler Marketing & Management




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