Corn prices are trading with 3 to 4 ½ cent losses on Wednesday morning. Futures were bouncing from the early weakness into Tuesday’s midday, but the closing action saw futures call 1 to 2 cents in the front months.
June corn exports out of the US totaled 5.496 MMT (216.38 mbu), which was a 3-year high but down 7.89% from the May shipment total. The official Census data has exports at 47.81 MMT, or 1.88 bbu, through June, leaving 342 mbu needed to reach USDA’s projection in the last 2 months of the marketing year.
Exports of distillers in June totaled 945,592 MT, a 3-year low. Ethanol shipments, however, totaled 145.87 million gallons, which was down 6% from May but a record for June.
Brazilian corn exports in July totaled 3.553 MMT according to trade ministry data, down 16% from July 2023.
Sep 24 Corn closed at $3.88 3/4, down 2 cents, currently down 4 1/2 cents
Nearby Cash was $3.78, down 1 3/4 cents,
Dec 24 Corn closed at $4.05 1/4, down 1 3/4 cents, currently down 3 3/4 cents
Mar 25 Corn closed at $4.22 1/4, down 2 cents, currently down 3 3/4 cents
New Crop Cash was $3.69 7/8, down 2 cents,
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