Corn Losses Continue Deeper on Tuesday
Corn continues to push lower on Tuesday, as contracts are down 4 to 6 cents so far at midday. The CmdtyView national average Cash Corn price is down 5 3/4 cents at $3.65.
USDA reported a private export sale of 128,000 MT of new crop corn to unknown destinations this morning.
Monthly Census trade data was released this morning, showing June corn exports at the second largest all-time for the month at 6.747 MMT (265.62 mbu). That was up 22.76% from a year ago, but still 7.43% below May. Ethanol exports were a record for the month at 173.67 million gallons, a 29.58% increase yr/yr but 5.95% below May. Distillers exports were a 5 year low for the month at 917,307 MT
USDA’s Crop Progress report from Monday showed the US corn crop at 88% silking, with 42% in the dough stage. The crop was also listed at 6% dented. Conditions were steady this week, at 73% gd/ex and 384 on the Brugler500 index. By state, MI saw the largest improvement, up 24 points, with IN up 4, MO 5 points higher, MN improving 2 points and NE 1 point better. KS saw a 11 point drop, with IA down 2, IL slipping 4 points, and OH back down 7.
A South Korean importer tendered for 140,000 MT of corn overnight, with a Wednesday deadline.
Sep 25 Corn is at $3.81 1/4, down 5 3/4 cents,
Nearby Cash is at $3.65, down 5 3/4 cents,
Dec 25 Corn is at $4.02 1/4, down 4 3/4 cents,
Mar 26 Corn is at $4.20, down 4 3/4 cents,
New Crop Cash is at $3.61 1/4, down 6 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.