Corn is trading 1 to 2 cents higher on your Tuesday morning. Futures were down 4 ¼ to7 ½ cents across the board on Monday, continuing the Friday pull back. Weather forecasts over the next week calling for rainfall in the WCB were easing prices to start the week and the wheat and soybeans were also lower.
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. The broader Brugler500 index was 3 points lower to 381.
USDA’s Export Inspections report showed 1.29 MMT (50.7 mbu) of corn shipped in the week that ended on June 13. That was a 4% drop from the week prior but a large jump of 55% 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, well ahead of the 5% for the same period reported last year.
Jul 24 Corn closed at $4.43 3/4, down 6 1/4 cents, currently up 1 ½ cents
Nearby Cash was $4.27 1/2, down 6 cents,
Sep 24 Corn closed at $4.50, down 7 cents, currently up 1 cent
Dec 24 Corn closed at $4.63, down 7 1/4 cents, currently up 1 ¼ cents
New Crop Cash was $4.26, down 7 cents,
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