Corn futures are posting losses to start the month of June and following the reversal in wheat, with contracts down 4 to 6 cents at midday.
A private export sale of 110,000 MT of corn was reported to Spain for old crop shipment by USDA this morning.
This morning’s Export Inspections report showed 1.374 MMT (54.1 mbu) of corn shipped in the week that ended on May 30. That was 21.59% larger than last week and 13.89% above the same week last year. Mexico was the lead destination of 404,282 MT, with 393,9087 MT headed to Japan. Cumulative exports year to date are 37.741 MMT (1.485 bbu), which is 26.08% larger than the same period in the 22/23 MY.
Crop Progress data will be released this afternoon, expecting to show the US corn crop near 90% planted, with condition ratings expected to show a good start as well. Brazil’s AgRural pegs the second Brazilian corn crop at 4.7% harvested, well above the 1.4% from last year. StoneX trimmed their second corn crop projection by 3.7 MMT to 93.5 MMT.
Jul 24 Corn closed at $4.41 3/4, down 4 1/2 cents,
Nearby Cash was $4.21 3/8, down 5 3/4 cents,
Sep 24 Corn closed at $4.48 3/4, down 5 1/4 cents,
Dec 24 Corn closed at $4.62, down 5 cents,
New Crop Cash was $4.24 1/4, down 6 5/8 cents,
On the date of publication, Alan Brugler 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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