Corn Pulls Back on Monday, as Acres are Trimmed but Ratings Improve
Corn futures closed out the Monday session with losses of 1 to 3 cents across most contracts, as an acreage cut failed to provide the bulls with much fuel. The front month CmdtyView national average Cash Corn price was down 2 3/4 cents at $3.91 1/4.
Crop Progress data indicated the US corn crop was 8% silking as of June 29, ahead of the 6% average pace. Condition ratings were up 3 points to 73% good/excellent, as the Brugler500 index was 6 points higher to 382.
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The quarterly USDA Grain Stocks report showed 4.643 bbu of corn in stocks on June 1. That was just slightly above the average trade estimate and down 354 mbu from the year prior. The annual Acreage report indicated 95.203 million acres of corn planted this spring according to producer surveys. That was just 123,000 below the March Intentions report and down 204,000 acres compared to estimates.
This morning’s Export Inspections report showed a total of 1.37 MMT (53.93 mbu) of corn shipped in the week of 6/26. That is down 8.92% from last week and 64.81% below the same week in 2024. Mexico was the top destination of 335,221 MT, with 229,872 MT headed to Japan and 209,887 MT to South Korea. Marketing year shipments are now at 54.944 MMT (2.163 bbu), which is 29.28% above the same short period last year.
Brazil’s corn crop was estimated at 130.6 MMT by an AgRural update this morning, which was up 1.9 MMT from the previous estimate, all on an increase to the second crop (130.6 MMT).
Jul 25 Corn closed at $4.20 1/2, up 3 cents,
Nearby Cash was $3.91 1/4, down 2 3/4 cents,
Sep 25 Corn closed at $4.09 1/4, down 2 1/4 cents,
Dec 25 Corn closed at $4.25 1/2, down 1 1/2 cents,
New Crop Cash was $3.82 3/4, down 2 1/2 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.
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