Corn prices are down 1 to 2 cents this morning. Futures ended the Monday session with contracts down 2 to 5 cents across the front months, after failing to hold overnight gains.
Crop Progress data from Monday afternoon showed 91% of the US corn crop planted by June 2, 2% ahead of the five-year average pace. Emergence was tallied at 74%, a 1% point lead on that average development pace. The initial NASS crop rating was 75% gd/ex vs. the 64% from the same week last year. That is a 385 on the Brugler500 index, the best start to the year since the 391 in 2018.
A private export sale of 110,000 MT of corn was reported to Spain for old crop shipment by USDA on Monday morning. Export Inspections data reported 1.374 MMT (54.1 mbu) of corn shipped in the week that ended on May 30. That was 21.59% larger than last week and 13.89% above the same week last year. Mexico was the lead destination of 404,282 MT, with 393,9087 MT headed to Japan. Cumulative exports year to date are 37.741 MMT (1.485 bbu), which is 26.08% larger than the same period in the 22/23 MY.
The afternoon monthly Grain Crushing report showed 416.92 mbu of corn used for ethanol production during April. That was a 11.7% decline on the month but still up 0.69% from the same month in 2023.
StoneX trimmed their Brazilian second corn crop projection by 3.7 MMT to 93.5 MMT.
Jul 24 Corn closed at $4.43 1/2, down 2 3/4 cents, currently down 2 cents
Nearby Cash was $4.23 1/4, down 3 3/4 cents,
Sep 24 Corn closed at $4.49 1/4, down 4 3/4 cents, currently down 1 3/4 cents
Dec 24 Corn closed at $4.62 3/4, down 4 1/4 cents, currently down 2 cents
New Crop Cash was $4.25 3/4, down 6 1/8 cents,
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