Corn futures are trading with 3 to 5 cent midday losses so far on Monday, though some contracts are pulling off the morning lows. Â The market is shrugging off the flooding in parts of the Western Corn Belt from this weekend, as the forecast shifts wetter for much of the areas east that have remained drier.
Weekly Export Inspections data showed a total of 1.117 MMT (44 mbu) of corn shipped during the week that ended on June 20. That was more than double the same week last year and a 19.05% drop from the previous week. Mexico was the top destination of 449,448 MT, with 260,007 MT headed to Japan. Accumulated exports have totaled 41.62 MMT (1.64 bbu) this marketing year a 28.13% improvement from a year ago.
An update from AgRural indicates that 34% of the second corn crop in the center-south region of Brazil has bee harvested as of lats Thursday. For reference, last year was reported at 9% by this date.
Jul 24 Corn is at $4.30, down 5 cents,
Nearby Cash is at $4.15 1/4, down 4 1/2 cents,
Sep 24 Corn is at $4.35 3/4, down 4 3/4 cents,
Dec 24 Corn is at $4.48 1/4, down 5 cents,
New Crop Cash is at $4.12, down 3 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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