Key Moments
- Corn futures extended Tuesday’s rally, with most contracts closing between 3 1/2 and 6 3/4 cents higher.
- The weekly Crop Progress report showed 16% of the U.S. corn crop silking and overall conditions steady at 67% good to excellent.
- May Census data reported 7.252 MMT of corn exports and record ethanol exports of 189.65 million gallons.
Futures Consolidate Recent Strength
Corn futures were trading steadily on Wednesday morning, building on the prior session’s strength. On Tuesday, most corn contracts finished between 3 1/2 and 6 3/4 cents higher, while the July 26 contract added 1 3/4 cents. Open interest declined by 3,120 contracts on Tuesday, indicating additional short-covering activity.
Delivery activity remained light, with just one delivery notice issued against July futures overnight. In the cash market, the CmdtyView national average Cash Corn price increased by a nickel to $4.13 3/4.
Crop Progress and Condition Ratings
The weekly Crop Progress report showed that 16% of the U.S. corn crop had reached the silking stage by July 5, which was 2 percentage points above the 5-year average. Additionally, 3% of the crop had advanced to the dough stage.
Overall crop health held steady, with 67% of the U.S. corn crop rated in good to excellent condition. The Brugler500 index remained unchanged at 371. Within that aggregate figure, condition improvements on the Brugler500 scale were observed in several states, including Michigan (MI) at +19, Minnesota (MN) at +7, South Dakota (SD) at +5, Missouri (MO) at +4, and Iowa (IA) at +1.
At the same time, declines were recorded in Texas (TX) at -14, Ohio (OH) at -12, Nebraska (NE), Illinois (IL), and Kansas (KS) each at -5, North Dakota (ND) at -4, and Indiana (IN) at -2.
Export Performance and Ethanol Trade
Monthly Census statistics for May showed corn exports totaling 7.252 MMT (284.5 million bushels). That volume came in just below the record set in the 2020/21 marketing year and was described as the third-largest May on record. The reported figure was up 0.18% from a year ago but also noted as down 3.62% from a year ago.
Distillers exports reached 1.081 MMT, making it the second-largest May volume on record. Ethanol exports set a new record at 189.65 million gallons, which was 6.59% above last year and 7.22% higher than April.
Price Board Snapshot
| Contract / Category | Settlement | Change on Day | Current Change |
|---|---|---|---|
| Jul 26 Corn | $4.42 1/2 | up 1 3/4 cents | currently up 1 1/4 cents |
| Nearby Cash | $4.13 3/4 | up 5 cents | – |
| Sep 26 Corn | $4.43 3/4 | up 5 1/2 cents | currently down 1/2 cents |
| Dec 26 Corn | $4.64 1/4 | up 6 1/2 cents | currently up 1/4 cents |
| New Crop Cash | $4.15 7/8 | up 4 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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