Corn futures picked up where they left off on Friday, as contracts were down 4 ¼ to7 ½ cents across the board on Monday. Pressure was from the double-digit losses in wheat and beans. Weather forecast over the next week calling for rainfall in the WCB were easing prices to start th week.
After the close, Crop Progress data showed 93% of the US corn crop emerged, 1% ahead of normal. Condition ratings slipped 2% to 72% gd/ex, as the Brugler500 index was 3 points lower to 381.
USDA’s Export Inspections report tallied 1.29 MMT (50.7 mbu) of corn shipped in the week that ended on June 13. That was a 4.02% drop from the week prior but a large jump of 54.86% from the same week in 2023. The top destination was Mexico, with 342,967 MT headed that way, and Japan close behind at 333,656 MT in shipments. Accumulated exports for corn this marketing year have totaled 40.41 MMT (1.59 bbu), up 26.54% from last year.
According to AgRural, Brazil’s second crop corn harvest was pegged at 21% complete as of June 13 in the center-south region, above the 5% for the same period reported last year.
Jul 24 Corn closed at $4.43 3/4, down 6 1/4 cents,
Nearby Cash was $4.27 1/2, down 6 cents,
Sep 24 Corn closed at $4.50, down 7 cents,
Dec 24 Corn closed at $4.63, down 7 1/4 cents,
New Crop Cash was $4.26, down 7 cents,
On the date of publication, Alan Brugler 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 Disclosure Policy here.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
