Corn prices are down 4 to 5 cents early on Tuesday. Futures posted gains of 4 to 6 cents across most contracts on Monday following the overnight gap lower. July futures expired as there were another 29 deliveries and 493 total for the month. Preliminary open interest was up 17,351 contracts on Monday. The front month CmdtyView national average Cash Corn price was up 4 1/4 cents at $3.86 1/2.
Crop Progress data showed the US corn crop at 34% silking (1% above average), with 7% of the crop in the dough stage. Conditions were steady at 74% gd/ex and 385 on the Brugler500 index.
Export Inspections data showed 1.287 MMT (1.287 bbu) of corn shipped in the week that ended on July 10, which was down 17.7% from the week prior, but still up 17.06% from the same week last year. Mexico was the top destination of 332,337 MT, with 293,450 MT headed to Japan and 271,008 MT to South Korea (correction). Marketing year shipments have totaled 57.806 MMT (2.276 bbu) since September 1, 29.54% larger yr/yr.
Rains are expected to be rather widespread this next week according to NOAA’s 7-day QPF, with much of the Corn Belt seeing 1 to 3 inches.
Jul 25 Corn closed at $4.12 3/4, up 9 3/4 cents,
Nearby Cash was $3.86 1/2, up 4 1/4 cents,
Sep 25 Corn closed at $4.00, up 4 cents, currently down 4 1/2 cents
Dec 25 Corn closed at $4.18, up 5 3/4 cents, currently down 4 1/2 cents
New Crop Cash was $3.76 5/8, up 4 1/2 cents,
