Corn Headed Higher This Week

CBOT corn prices settled higher Monday in anticipation of today's crop condition report (which will be released at 4:00 PM). September corn rose 2.4 cents to $3.23 per bushel. Analysts predict crop ratings will decrease 3-4 percentage points from last week's rating of 62% of the crop in good-to-excellent condition.

(Updated) Crop Progress Report: Analyst predicted correct as ratings decreased 4 percent to 58% for corn in good-to-excellent condition. This sets a bullish scenario as buyers are reemerging on less than ideal weather forecasts.

Corn spot prices are up for the third day straight for ethanol producers:

VeraSun (VSE):
Aurora Plant: $3.04 per bushel (3.75%) up 11 cents
Fort Dodge Plant: $2.91 per bushel (1.04%) up 3 cents
Charles City Plant: $2.84 per bushel (1.07%) up 3 cents

US BioEnergy (USBE):
Platte Valley Plant: $3.12 per bushel (0.97 %) up 3 cents
Woodbury Plant: $3.19 per bushel (0.95 %) up 3 cents
Ord Plant: $3.19 per bushel (0.95%) up 3 cents

Aventine (AVR)
Pekin Plant: $2.96 per bushel (0.68%) up 2 cents

Andersons (ANDE):
Albion Plant: $3.26 per bushel
Clymers Plant: $3.16 per bushel

Hawkeye Renewables:
Iowa Falls Plant: $2.83 per bushel (1.78%) up 5 cents
Fairbank Plant: $2.79 per bushel (0.72%) up 2 cents

 

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