Corn prices are 2 to 4 ¼ cents higher early on Tuesday morning. Futures were in minus territory pressure for much of the day on July 1, but firmed in the last hour. Front months settled within a penny of unchanged, with deferred contracts past Sep ’25 up 1 ¾ to 3 ¾ cents.
Deliveries against July corn futures slowed overnight, to 263 contracts. That might be because Bunge is keeping the ones they get (stopping another 260 overnight).
Export Inspections data showed a slowdown in weekly corn shipments slowed 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 per the inspections system are now 42.48 MMT (1.672 bbu), which is a 28.09% increase from 2023.
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 vs. 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 showed 11% of the US crop silking, 5% ahead of the 5-year average pace. Condition ratings saw a 2% decline to 67% gd/ex. 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 is 49% harvested. That is the fastest pace in their data for the region since they began tracking in 2013. Brokerage 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, currently up 2 ¾ cents
Nearby Cash was $3.91 3/8, up 1 3/4 cents,
Sep 24 Corn closed at $4.07, down 1/2 cent, currently up 4 cents
Dec 24 Corn closed at $4.20 1/2, down 1/4 cent, currently up 4 ¼ cents
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.
