Corn Dips its Toe Below $4 to Start the Week, with NASS Trimming Ratings After the Close

Corn futures were under pressure on Monday, as longs head for the exits ahead of USDA’s report on Tuesday. Contracts were down 5 ¼ to 11 ½ cents at the close. Tuesday is first notice day for July futures. The CmdtyView national average Cash Corn price was 10 3/4 cents lower at $3.76.

The weekly Crop Progress report showed 9% of the US corn crop silking by June 28, 3 percentage points ahead of the 5-year average. US condition ratings were 67% in good to excellent condition, down 1% from the previous week, as the Brugler500 index slipped 2 points to 371. 

Monday morning’s Export Inspections report showed corn shipments of 1.786 MMT (70.32  mbu) in the week of 6/25. That was up 21.7% from the week prior and 29.34% above the same week last year. Japan was the largest destination of 358,881 MT, with 310,258 MT shipped to Mexico and 151,202 MT headed to Taiwan. The marketing year total is now 68.882 MMT (35.68 mbu) of shipments, which is now 15.92% above the same period last year.

The updated 7-day QPF from NOAA showed 1 to 3 inches of rain over the next week, mainly in the Eastern half of the Dakotas, MN, eastern NE through the northwest half of IA and WI. The southeast portion of IA, MO, and the ECB remains relatively dry in the next week.

Acreage data will be updated on Tuesday from NASS, with traders looking for 95.1 million corn acres according to a Bloomberg survey. Grain Stocks data for June 1 will also be released, with the trade looking for 5.415 billion bushels of corn on hand. 

Brazil’s second corn crop was estimated at 22% harvested in the center south region according to AgRural.

Jul 26 Corn  closed at $4.02, down 10 3/4 cents,

Nearby Cash  was $3.76 1/1, down 10 3/4 cents,

Sep 26 Corn  closed at $4.10 1/4, down 11 1/2 cents,

Dec 26 Corn  closed at $4.30, down 11 1/2 cents,

New Crop Cash  was $3.85 1/4, down 11 1/2 cents,