Corn Futures Closed Higher on Monday, Condition Ratings Slightly Lower

The corn market settled 1 to 3 cents higher on Monday, cautiously awaiting the weekly crop progress and conditions report, and positioning for Wednesday’s WASDE estimates. 

Trade ideas for this afternoon’s Crop Progress report ran 95-96% for planting progress.  Condition ratings ideas were running close to UNCH vs. last week.  NASS reported that 95% of the corn crop is planted, and 85% is emerged. Condition ratings included 74% good or excellent.  The Brugler500 Index dropped 1 point from last week to 384. That is 1 point below 2020 for this week and -2 from 2018 conditions. 

This morning’s Export Inspections report showed 1.340 MMTs of corn were inspected in the week ending June 6. That was down from 1.416 MMT a week ago, but up from 1.17 MMT the same week in 2023.   Inspections MYTD total 1.54 billion bushels, up 25.78% from year ago. 

Industry surveys ahead of Wednesday’s USDA WASDE supply/demand report anticipate the government will show old crop ending stocks of 2.009 billion bushels and 2024/25 ending stocks of 2.079 billion bushels (Reuters) or 2.087 billion (Bloomberg).  Both would be lower than the May numbers if realized. 

Jul 24 Corn  closed at $4.51 3/4, up 3 cents,

Nearby Cash  was $4.34 3/8, up 3 1/4 cents,

Sep 24 Corn  closed at $4.56 1/4, up 1 1/2 cents,

Dec 24 Corn  closed at $4.68 1/4, up 1 cent,

New Crop Cash  was $4.32 1/8, up 1 1/2 cents,