Corn futures were under pressure across the board on Tuesday with contracts down 1 ¼ to 5 ¾ cents at the close. The CmdtyView national average Cash Corn price was down 5 3/4 cents to $4.18 3/4. Losses in crude oil were a pressure factor.
Export Inspections data showed 1.582 MT (62.27 mbu) of corn shipped in the week that ended on May 21. That was up 11.43% from last week and 13.01% higher than the same week last year. Mexico was the top destination of 406,078 MT, with 274,937 MT to Japan and 260,620 MT to South Korea. Marketing year shipments have totaled 60.18 MMT (2.369 bbu), which is up 28.03% yr/yr.
NASS Crop Progress data showed the US corn crop at 86% planted as of Sunday, which was 3% ahead of the 5-year average pace of 83%. The crop was also 60% emerged, which is 2 percentage points faster than normal. Condition ratings will start being reported next week.
Jul 26 Corn closed at $4.57 1/2, down 5 3/4 cents,
Nearby Cash was $4.18 3/4, down 5 3/4 cents,
Sep 26 Corn closed at $4.64 1/4, down 5 1/2 cents,
Dec 26 Corn closed at $4.82, down 4 1/2 cents,
New Crop Cash was $4.34 3/8, down 5 1/4 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.
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