Corn futures faced pressure for much of the day on July 1, but bulls were putting up a fight late in the day to pull off the close. Front months were within a penny of unchanged, with deferred contracts past Sep ’25 up 1 ¾ to 3 ¾ cents.
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.
USDA’s Grains Crushing report showed 453.7 mbu of corn used for ethanol production during May. That was a 7.4% jump on the revised (5.5 mbu higher) April total and a 3.34% increase in the same month last year. That also takes the marketing year total to 4.068 bbu, or 74.6% of USDA’s full year forecast, on pace with the 8-year average.
The weekly Crop Progress report from NASS pegged the US corn crop at 11% silking, 5% ahead of the 5-year average pace. Condition ratings saw a 2% decline to 67% gd/ex, below the average trade estimate. Factoring in all 5 categories, the Brugler500 index dropped 4 points to 370.
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 closed at $3.98 1/4, up 1 cent,
Nearby Cash was $3.91 3/8, up 1 3/4 cents,
Sep 24 Corn closed at $4.07, down 1/2 cent,
Dec 24 Corn closed at $4.20 1/2, down 1/4 cent,
New Crop Cash was $3.84, down 1 1/2 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.
