Corn prices are starting off Tuesday with contracts up ½ to 1 ¼ cents so far. The corn market settled 1 to 3 cents higher on Monday, cautiously awaiting the weekly crop progress and conditions report, and positioning for Wednesday’s WASDE estimates.
NASS reported that 95% of the US corn crop is planted, and 85% is emerged. Condition ratings were 74% good or excellent. The Brugler500 Index dropped 1 point from last week to 384. That is 1 point below 2020 for this week and -2 from 2018 conditions.
The Export Inspections report showed 1.340 MMTs of corn were inspected in the week ending June 6. That was down from 1.416 MMT a week earlier, but up from 1.17 MMT the same week in 2023. Inspections MYTD total 1.54 billion bushels, up 25.78% from year ago.
Industry surveys ahead of Wednesday’s USDA WASDE supply/demand report anticipate the government will show old crop ending stocks of 2.009 billion bushels and 2024/25 ending stocks of 2.079 billion bushels (Reuters) or 2.087 billion (Bloomberg). Both would be lower than the May numbers if realized.
Jul 24 Corn closed at $4.51 3/4, up 3 cents, currently up ½ cents
Nearby Cash was $4.34 3/8, up 3 1/4 cents,
Sep 24 Corn closed at $4.56 1/4, up 1 1/2 cents, currently up ½ cents
Dec 24 Corn closed at $4.68 1/4, up 1 cent, currently up 1 ¼ cents
New Crop Cash was $4.32 1/8, up 1 1/2 cents,
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