Corn price action is up 2 ½ to 3 ½ cents so far on Tuesday AM trade. Futures closed the Monday session with front months fractionally to 1 ¼ cents higher, as other contracts were steady to 1 ¾ cents lower. Open interest was down 4,667 contracts, as 40,717 contracts were rolling out of July and September up 21,980 and December up 12,467. The CmdtyView national average Cash Corn price was up 1 1/2 cents at $3.85 3/4.
USDA reported a private export sale of 103,000 MT to Japan on Monday morning, with 40,000 MT for old crop and 63,000 MT for new crop.
NASS Crop Progress data from Monday showed 97% of the US corn crop planted by June 7, with emergence at 86%, near the 5-year average. US condition ratings were 67% in good to excellent condition, steady with the previous week. The Brugler500 index was up 1 point on higher excellent ratings to 372.
Monday morning’s Export Inspections report showed corn shipments of 1.911 MMT (75.34 mbu) in the week of 6/4. That was up 9.21% from the week prior and 10.54% above the same week last year. Mexico was the largest destination of 497,128 MT, with 270,044 MT shipped to South Korea and 238,319 MT to Spain. The marketing year total is now 63.875 MMT (2.514 bbu) of corn shipped, which is 26.80% above the same period last year.
A South Korean importer purchased 134,000 MT of corn in a tender overnight.
Jul 26 Corn closed at $4.18 3/4, up 1 1/4 cents, currently up 3 ½ cents
Nearby Cash was $3.85 3/4, up 1 1/2 cents,
Sep 26 Corn closed at $4.27 1/2, up 1/2 cent, currently up 3 cents
Dec 26 Corn closed at $4.46, unch, currently up 2 ½ cents
New Crop Cash was $4.00 3/8, up 1/4 cent,
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.
