Corn Pulls Off Lows, Crop Ratings Drop

Large cornfield with rows of crop by vicvaz via iStock

Corn futures rounded out the Monday session with contracts seeing some bidders into the close, though the nearbys were still fractionally to 1 ½ cents lower. Deferreds starting with September ’25 were up 1 to 5 cent on the day. The market was for the most part ignoring flooding in parts of the Western Corn Belt from this weekend, as the forecast shifts wetter for much of the areas east that have remained drier.

USDA’s weekly Crop Progress report showed 97% of the US corn crop emerged by June 23, with 4% already silking, both 1% ahead of normal. Condition ratings slipped 3% to 69% gd/ex, as the Brugler500 index weighing all 5 categories was down 7 points to 374. 

Weekly Export Inspections data showed a total of 1.117 MMT (44 mbu) of corn shipped during the week that ended on June 20. That was more than double the same week last year and a 19.05% drop from the previous week. Mexico was the top destination of 449,448 MT, with 260,007 MT headed to Japan. Accumulated exports have totaled 41.62 MMT (1.64 bbu) this marketing year a 28.13% improvement from a year ago.

Commitment of Traders data from CFTC, delayed by last week’s holiday, showed spec funds in corn trimming 20,817 contracts from their net short to 191,462 as of June 18.

An update from AgRural indicates that 34% of the second corn crop in the center-south region of Brazil has been harvested as of last Thursday. For reference, last year was reported at 9% by this date.

Jul 24 Corn  closed at $4.33 1/2, down 1 1/2 cents,

Nearby Cash  was $4.19 3/4, down 3/4 cent,

Sep 24 Corn  closed at $4.39 1/2, down 1 cent,

Dec 24 Corn  closed at $4.51 3/4, down 1 1/2 cents,

New Crop Cash  was $4.16 3/4, up 1/2 cent,

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.