Corn futures are still feeling pressure from wet weather and lofty supply expectation, as contracts are down 2 to 4 cents at midday. Preliminary open interest showed long liquidation for July and September futures, but net new selling of new crop.  Overall, OI dropped a modest 1,191 contracts. There were moderate delivery notices vs. July corn over the weekend, at 721.  Bunge stopped 240 for the house account. 

Export Inspections data showed a slowdown in weekly corn shipments during the week of June 27 to 819,577 MT (32.27 mbu). That was a 28.91% drop from the week prior, but still 21.26% larger than the same week last year. Japan was the lead destination in that week at 224,005 MT, with 198,714 MT headed to Mexico, and 145,597 MT to Taiwan. Accumulated export shipments are now 42.48 MMT (1.672 bbu), which is a 28.09% increase from the year prior. 

A Bloomberg survey estimates the US corn conditions will be down 1% to 68% gd/ex this afternoon, with a range from 64 to 71%.

Brazil’s AgRural estimates the country’s second corn crop in the center-south region at 49% complete. That is the fastest pace going back to their weekly data since they began tracking in 2013. StoneX estimates the country’s overall crop now at 121.18 MMT, down from the 121.75 MMT in their previous release.

Jul 24 Corn is at $3.93 1/2, down 3 3/4 cents,

Nearby Cash is at $3.87 1/2, down 2 cents,

Sep 24 Corn is at $4.03 1/2, down 4 cents,

Dec 24 Corn is at $4.17 1/4, down 3 1/2 cents,

New Crop Cash is at $3.80 3/8, down 5 1/4 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 Barchart Disclosure Policy here.