Corn is trading with slightly losses of 1 to 1 ½ cents so far on Tuesday morning. Futures closed the Monday session with contracts up ¾ to 3 ¾ cents across the board, shrugging off early session losses and new contract lows. Preliminary open interest was up 20,149 contracts, implying new buying interest. The CmdtyView national average Cash Corn price was up 3 1/4 cents at $3.84 1/4.
Weekly Crop Progress data from after the close on Monday showed 94% of the US corn crop emerged by June 14, 1% above the 5-year average. US condition ratings were 68% in good to excellent condition, up 1 percentage point from the previous week. The Brugler500 index was up 1 point on higher excellent ratings to 373.
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The weekly Export Inspections report showed corn shipments of 1.636 MMT (64.43 mbu) in the week of 6/11. That was down 18.73% from the week prior and 3.47% below the same week last year. Mexico was the largest destination of 440,116 MT, with 225,898 MT shipped to Japan and 153,375 MT to Taiwan. Shipments for the marketing year are now at 65.614 MMT (2.583 bbu) of corn, which is 26.01% above the same period last year. Sorghum shipments totaled 313,616 MT, with 313,002 MT headed to China.
Brazil’s AgRural estimates the country’s second corn crop at 8.4% harvested in the center-south region, which was ahead of the 5.2% harvest pace last year.
Jul 26 Corn closed at $4.15 1/2, up 2 3/4 cents, currently down 1 1/2 cents
Nearby Cash was $3.84 1/4, up 3 1/4 cents,
Sep 26 Corn closed at $4.22 3/4, up 2 cents, currently down 1 1/2 cents
Dec 26 Corn closed at $4.41 3/4, up 1 1/2 cents, currently down 1 1/4 cents
New Crop Cash was $3.97, up 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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