Key Moments
- Corn futures were trading 3 to 4 cents higher on Wednesday morning after closing lower on Tuesday.
- US corn crop silking reached 16% by July 12, running 4 percentage points ahead of the 5-year average, with 68% of the crop rated good to excellent.
- Brazil’s 2025/26 corn output was projected at 141.73 MMT, while July export expectations rose to 3.44 MMT.
Early Session Action and Prior Close
Corn futures were firmer on Wednesday morning, gaining 3 to 4 cents, aided by strong double-digit advances in the wheat market. This recovery followed a weaker Tuesday session, when contracts finished between ¾ and 2 ¾ cents lower and the expiring July contract settled 4 cents down at $4.33 3/4.
Open interest fell by 2,074 contracts on Tuesday, with the bulk of the decline occurring in the nearby months. In the cash market, the CmdtyView national average Cash Corn price slipped 2 1/4 cents to $4.08 3/4.
US Crop Progress and Condition Overview
The weekly Crop Progress report indicated that 16% of the US corn crop had reached the silking stage by July 12, running 4 percentage points ahead of the 5-year average. Additionally, 6% of the crop had moved into the dough stage.
Overall crop condition ratings were unchanged at 68% in good to excellent condition. The Brugler500 index, however, improved by 2 points to 371. At the state level, condition scores declined by 1 point in Indiana (IN) and Iowa (IA), while South Dakota (SD) dropped 9 points.
Several states posted notable gains. Ohio (OH) improved by 17 points, Missouri (MO) rose by 7 points, Nebraska (NE) was up 5 points, North Dakota (ND) gained 6 points, and Illinois (IL) advanced by 1 point.
Brazilian Supply and Export Projections
Fresh CONAB figures released on Wednesday placed Brazil’s 2025/26 corn production at 141.73 MMT, an increase of 1.27 MMT from the prior month. The second-crop estimate was raised by 1.56 MMT to 109.43 MMT.
Separately, ANEC projected Brazilian corn exports for July at 3.44 MMT, which was 0.95 MMT higher than its previous estimate. Last year’s July shipments totaled 2.43 MMT.
Corn Market Snapshot
| Contract / Cash | Settlement / Price | Change | Current Move (Where Stated) |
|---|---|---|---|
| Jul 26 Corn | $4.33 3/4 | down 4 cents | – |
| Nearby Cash | $4.08 3/4 | down 2 1/4 cents | – |
| Sep 26 Corn | $4.38 1/2 | down 2 1/2 cents | currently up 3 1/2 cents |
| Dec 26 Corn | $4.60 1/2 | down 2 3/4 cents | currently up 3 1/2 cents |
| New Crop Cash | $4.11 3/4 | down 2 1/4 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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