Corn prices are falling another 5 to 6 cents on Tuesday morning. Futures firmed late on Monday, though the nearbys were still fractionally to 1 ½ cents lower. Deferreds starting with September ’25 were up 1 to 5 cent on the day. The market was for the most part ignoring flooding in parts of the Western Corn Belt from this weekend, as the forecast shifts wetter for much of the areas east that have remained drier.
USDA’s weekly Crop Progress report showed 97% of the US corn crop emerged by June 23, with 4% already silking, both 1% ahead of normal. Condition ratings slipped 3% to 69% gd/ex, as the Brugler500 index weighing all 5 categories was down 7 points to 374.
Weekly Export Inspections data showed a total of 1.117 MMT (44 mbu) of corn shipped during the week that ended on June 20. That was more than double the same week last year but a 19.05% drop from the previous week. Mexico was the top destination of 449,448 MT, with 260,007 MT headed to Japan. Accumulated exports have totaled 41.62 MMT (1.64 bbu) this marketing year to date, a 28.13% improvement from a year ago.
Commitment of Traders data from CFTC, delayed by last week’s holiday, showed spec funds in corn trimming 20,817 contracts from their net short to 191,462 as of June 18.
An update from AgRural indicates that 34% of the second corn crop in the center-south region of Brazil has been harvested as of last Thursday.
Jul 24 Corn closed at $4.33 1/2, down 1 1/2 cents, currently down 5 cents
Nearby Cash was $4.19 3/4, down 3/4 cent,
Sep 24 Corn closed at $4.39 1/2, down 1 cent, currently down 6 ½ cents
Dec 24 Corn closed at $4.51 3/4, down 1 1/2 cents, currently down 5 ¾ cents
New Crop Cash was $4.16 3/4, up 1/2 cent,
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