Corn price action is fractionally to 2 cents lower so far on Tuesday morning. Futures posted losses of 2 to 3 cents in the front months, with a few deferred contracts fractionally to 1 ½ cents higher. Open interest was up 11,996 contracts on the day, implying new selling interest. The CmdtyView national average Cash Corn price was steady at $4.08 1/2.
NASS Crop Progress data showed 93% of the US corn crop planted as of May 31, 1 percentage point ahead of normal. Emergence was at 76% of the expected area, 2% faster than normal. The initial corn crop rating came in a 67% good/excellent, coming in below the 70% estimate from a Reuters survey of analysts and 2% below the year prior. That was a 371 rating on the Brugler500 index (100-500 point scale of the 5 USDA categories), which was a 3-year low and the third lowest initial rating in the last 13 years.
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The monthly Grain Crushing report from NASS showed 427.68 mbu of corn used for ethanol production in April, a 9.9% drop from March but 1.05% larger yr/yr. Marketing year corn grind is 3.653 bbu, up 25 mbu from the same period last year.
USDA’s FGIS tallied corn export shipments at 1.728 MMT (68.03 mbu) during the week ending on May 28. That was 7.72% above the week prior and 5.26% above the same week last year. Japan was the top destination of 592,231 MT, with 430,834 MT headed to Mexico and 148,236 MT to Colombia. Marketing year exports for 2025/26 are 61.94 MMT (2.439 bbu) since September 1, which is now 27.33% above the same period last year.
StoneX estimate the Brazilian corn crop at 136.8 MMT, a 0.2% drop from their previous number, mainly via the second crop estimate.
A couple South Korean importers purchased an estimated 120,000 to 136,000 MT of corn in tenders overnight.
Jul 26 Corn closed at $4.44, down 2 3/4 cents, currently down 3/4 cent
Nearby Cash was $4.08 1/2, up 0 cent,
Sep 26 Corn closed at $4.52 3/4, down 3 cents, currently down 1 1/2 cents
Dec 26 Corn closed at $4.72 1/2, down 2 1/2 cents, currently down 2 cents
New Crop Cash was $4.24 5/8, down 2 cents,
On the date of publication, Austin Schroeder 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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