Corn Facing Pressure on Monday
Corn is trading with 7 to 10 cent losses across most contracts on Monday. The front month CmdtyView national average Cash Corn price is down 9 cents today at $3.96. Crude oil down $2.75, as the market is failing to see reaction following the US strikes on Iran nuclear facilities over the weekend.
Export Inspections data showed 1.48 MMT (58.13 mbu) of corn shipped in the week that ended on June 19, which was down 12.91% from the week prior, but still up 28.07% from the same week last year. Mexico was the top destination of 345,857 MT, with 249,885 MT headed to Japan. Marketing year shipments have totaled 53.547 MMT (2.108 bbu) since September 1, 28.51% larger yr/yr.
Ahead of the weekly Crop Progress report, traders surveyed by Bloomberg are expecting to see corn conditions steady this last week at 72% gd/ex. The range of estimates is 70-74%.
Brazil’s second crop corn harvest is estimated at 13% complete in the center-south region, according to AgRural, which is well below the 34% from this point last year.
Jul 25 Corn is at $4.19 1/4, down 9 1/2 cents,
Nearby Cash is at $3.96 0/1, down 9 cents,
Sep 25 Corn is at $4.18, down 7 1/2 cents,
Dec 25 Corn is at $4.34, down 7 1/4 cents,
New Crop Cash is at $3.90, down 7 1/4 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.