Corn prices are pulling off their early session lows, though contracts are still down 1 to 4 cents across the nearbys at midday. There were no deliveries against July futures overnight. The front month CmdtyView national average Cash Corn price is down 3/4 cents at $3.91.
Crop Progress data indicated the US corn crop was 8% silking as of June 29, ahead of the 6% average pace. Condition ratings were up 3 points to 73% good/excellent, as the Brugler500 index was 6 points higher to 382. Ratings were improved in a number of state, with NE and SD up 16 points, TX 28 points higher, and IA 5 points better. States in the East were weaker, with OH down 5, IL 4 points lower, and IN 1 point worse.
The 7-day QPF from NOAA shows rains up to 1.5 inches in parts of IA, MN, and WI, with much of the rest of the Corn Belt seeing trace amounts.
The quarterly USDA Grain Stocks report showed 4.643 bbu of corn in stocks on June 1. That was just slightly above the average trade estimate and down 354 mbu from the year prior. The annual Acreage report indicated 95.203 million acres of corn planted this spring according to producer surveys. That was just 123,000 below the March Intentions report and down 204,000 acres compared to estimates.
Ukraine’s ag ministry estimates the 2024/25 corn export total for the market year at 22 MMT, which is shy of the 29.5 MMT in 2024. StoneX estimates the Brazilian corn production total at 136.1 MMT, which is 2.1 MMT above their previous number on a hike to the second crop. ANEC estimate June Brazil exports at 566,435 MT, which is below the 982,812 MT prior estimate.
Jul 25 Corn is at $4.18 1/2, down 2 cents,
Nearby Cash is at $3.91, down 3/4 cent,
Sep 25 Corn is at $4.05 3/4, down 3 1/2 cents,
Dec 25 Corn is at $4.21 3/4, down 3 3/4 cents,
New Crop Cash is at $3.79 1/2, down 1 1/2 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. This article was originally published on Barchart.com
