Key Moments
- Corn futures were slightly lower by 1 to 1 1/2 cents in early Tuesday trade after posting gains of 3/4 to 3 3/4 cents on Monday.
- USDA data showed 94% of the US corn crop had emerged by June 14, with 68% rated good to excellent.
- Weekly export inspections reported 1.636 MMT of corn shipments, down from the prior week but still 26.01% ahead of last year on a marketing-year basis.
Futures Back Off After Setting New Lows
Corn futures were slightly weaker in early Tuesday dealings, slipping between 1 and 1 1/2 cents. This followed a firmer session on Monday, when contracts finished higher by 3/4 to 3 3/4 cents across the curve after recovering from early declines and fresh contract lows.
Preliminary open interest rose by 20,149 contracts, indicating fresh buying activity entering the market. The CmdtyView national average cash corn price increased by 3 1/4 cents to $3.84 1/4.
Improving US Crop Conditions
Weekly Crop Progress figures released after Monday’s close showed that 94% of the US corn crop had emerged by June 14, placing it 1 percentage point ahead of the 5-year average. Condition ratings indicated that 68% of the crop was in good to excellent shape, an improvement of 1 percentage point from the previous week.
The Brugler500 index, which aggregates condition ratings into a single metric, rose by 1 point to 373, supported by an increase in the excellent category.
Export Inspections: Weekly Slowdown, Strong Marketing-Year Pace
The latest weekly Export Inspections report recorded corn export shipments of 1.636 MMT (64.43 mbu) for the week ended 6/11. That represented an 18.73% decline from the prior week and was 3.47% below the same week a year earlier.
Mexico was the leading destination with 440,116 MT, followed by Japan with 225,898 MT and Taiwan with 153,375 MT. Cumulative shipments for the current marketing year reached 65.614 MMT (2.583 bbu), running 26.01% above the same point last year.
Sorghum export inspections totaled 313,616 MT for the week, with 313,002 MT destined for China.
Brazil Harvest Progress
Brazilian consultancy AgRural estimated that the country’s second corn crop in the center-south region was 8.4% harvested. That pace was ahead of the 5.2% completion level reported at the same time last year.
Corn Market Snapshot
| Contract / Cash | Most Recent Close | Change at Close | Current Move |
|---|---|---|---|
| Jul 26 Corn | $4.15 1/2 | up 2 3/4 cents | currently down 1 1/2 cents |
| Nearby Cash | $3.84 1/4 | up 3 1/4 cents | – |
| Sep 26 Corn | $4.22 3/4 | up 2 cents | currently down 1 1/2 cents |
| Dec 26 Corn | $4.41 3/4 | up 1 1/2 cents | currently down 1 1/4 cents |
| New Crop Cash | $3.97 | up 2 cents | – |
Disclosure
On the date of publication, Austin Schroeder 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.
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