Corn futures were bouncing from the early weakness into Tuesday’s midday, but the closing action saw futures call 1 to 2 cents in the front months.
June corn exports out of the US totaled 5.496 MMT (216.38 mbu), which was a 3-year high but down 7.89% from the May shipment total. The official Census data has exports at 47.81 MMT, or 1.88 bbu, through June, leaving 342 mbu needed to reach USDA’s projection in the last 2 months of the marketing year.
Exports of distillers in June totaled 945,592 MT, a 3-year low. Ethanol shipments, however, totaled 145.87 million gallons, which was down 6% from May but a record for June.
Brazilian corn exports in July totaled 3.553 MMT according to trade ministry data, down 16% from July 2023.
NASS data released yesterday afternoon showed condition ratings across the country down 1% to 67% gd/ex, as the Brugler500 index, fell 2 points to 370. In the Plains states, conditions were deteriorating, with NE down 7 points on the Brugler500 index, KS losing 13 points, and Texas dropping 19 points. Conditions in IL and ND were up 10 points, with IN and MN improving 2 points.
Sep 24 Corn closed at $3.88 3/4, down 2 cents,
Nearby Cash was $3.78, down 1 3/4 cents,
Dec 24 Corn closed at $4.05 1/4, down 1 3/4 cents,
Mar 25 Corn closed at $4.22 1/4, down 2 cents,
New Crop Cash was $3.69 7/8, down 2 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.
/Intel%20Corp_%20Santa%20Clara%20campus-by%20jejim%20via%20Shutterstock.jpg)
/EV%20in%20showroom%20by%20Robert%20Way%20via%20Shutterstock.jpg)
/AI%20(artificial%20intelligence)/Businessman%20touching%20the%20brain%20working%20of%20Artificial%20Intelligence%20(AI)%20Automation%20by%20Suttiphong%20Chandaeng%20via%20Shutterstock.jpg)
