Corn Losses Continuing on Tuesday Morning, with Ratings Improvement
Corn price action is sliding another 1 to 2 cents so far on Tuesday, as July is hitting fresh lows going back to October. Futures closed the Monday session with contracts under pressure, posing losses of 9 to 11 ¼ cents across most months. Preliminary open interest was down 3,980 contracts on Monday, with July down 36,874 contracts, September up 15,356 and December rising 10,373 contracts. The front month CmdtyView national average Cash Corn price was down 8 3/4 at $4.09 1/2.
NASS Crop Progress data showed the US corn crop at 97% planted, on pace with the 5-year average, as emergence was listed at 90% (vs. the 5-year average of 88%). Condition ratings were 71% good/excellent, up 3 percentage points. That translates to a 378 on the Brugler500 index, up 3 points on the week.
Weekly Export Inspections data tallied corn shipments at just 1.656 MT (65.22 mbu) in the week that ended on June 5. That was back up 0.9% from the week prior and 23.55% above the same week last year. Mexico was the largest destination of 469,120 MT, with 287,774 MT headed to Taiwan and 200,434 MT to Sout Korea. Marketing year shipments are now 50.302 MMT (1.98 bbu), an increase of 28.54% from the same week last year.
Several private export tenders out of South Korea saw a total of 269,000 MT of corn purchased overnight. The origin was not listed.
Jul 25 Corn closed at $4.33 1/2, down 9 cents, currently down 2 cents
Nearby Cash was $4.09 1/2, down 8 3/4 cents,
Sep 25 Corn closed at $4.22 1/4, down 11 cents, currently down 1 1/2 cents
Dec 25 Corn closed at $4.38, down 11 1/4 cents, currently down 1 1/4 cents
New Crop Cash was $3.94 1/2, down 11 cents,
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.