Corn price action is down fractionally to 2 cents so far on Tuesday morning as traders gear up for USDA data. Futures were under pressure on Monday, as longs headed for the exits ahead of USDA’s report on Tuesday. Contracts were down 5 ¼ to 11 ½ cents at the close. There were 44 delivery notice on first notice day for July futures. The CmdtyView national average Cash Corn price was 10 3/4 cents lower at $3.76.
The weekly Crop Progress report showed 9% of the US corn crop silking by June 28, 3 percentage points ahead of the 5-year average. US condition ratings were 67% in good to excellent condition, down 1% from the previous week, as the Brugler500 index slipped 2 points to 371.
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Monday morning’s Export Inspections report showed corn shipments of 1.786 MMT (70.32 mbu) in the week of 6/25. That was up 21.7% from the week prior and 29.34% above the same week last year. Japan was the largest destination of 358,881 MT, with 310,258 MT shipped to Mexico and 151,202 MT headed to Taiwan. The marketing year total is now 68.882 MMT (35.68 mbu) of shipments, which is now 15.92% above the same period last year.
Acreage data will be updated later this morning from NASS, with traders looking for 95.1 million corn acres according to a Bloomberg survey. Grain Stocks data for June 1 will also be released, with the trade looking for 5.415 billion bushels of corn on hand.
Jul 26 Corn closed at $4.02, down 10 3/4 cents, currently down 3/4 cent
Nearby Cash was $3.76 1/1, down 10 3/4 cents,
Sep 26 Corn closed at $4.10 1/4, down 11 1/2 cents, currently down 2 1/4 cents
Dec 26 Corn closed at $4.30, down 11 1/2 cents, currently down 2 1/4 cents
New Crop Cash was $3.85 1/4, down 11 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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