Corn futures are experiencing losses of 7 to 8 cents across most contracts during midday trading on Tuesday, a reversal from the gains seen on Monday. This downward trend is being driven by a $4.30 drop in crude oil prices, which is putting pressure on the market. The CmdtyView national average Cash Corn price is currently down 7 3/4 cents at $4.12.
The latest weekly Crop Progress report reveals that as of August 2, 90% of the US corn crop is in the silking stage, with 43% of the crop in the dough stage. This is 5 percentage points ahead of the typical progress for this time of year. Additionally, 6% of the crop has reached the dented stage. However, US condition ratings have declined by 2% to 61% in good to excellent condition. The Brugler500 index also dropped 5 points to 356, with notable deteriorations in states such as ND (-26), KS (-20), NE (-15), MN (-6), WI (-5), SD (-4), and MO (-1). On the other hand, some improvement was observed in states like IA (+2), IL (+4), and IN (+1), as well as OH (+4).
In terms of recent data, Grain Crushing figures from Monday indicate that 466.71 million bushels of corn were used for ethanol production in June, marking a 1.5% decrease from the previous month but a 4.43% increase year over year to reach a record June total. The production for the marketing year now stands at 4.595 billion bushels, which is 76 million bushels higher than last year.
Furthermore, June exports of corn totaled 7.926 million metric tons (312 million bushels) based on Census data released recently. This figure represents a record for the month and is 9.29% higher than May’s exports. Additionally, distillers exports reached 1.099 million metric tons, marking an 11-year high for the month of June and the largest since October. Ethanol shipments also hit a record high of 206.06 million gallons, reflecting an 8.65% increase from May.
As of now, Sep 26 Corn is trading at $4.41 1/2, down 7 3/4 cents, while Nearby Cash is at $4.12 1/1, also down 7 3/4 cents. Dec 26 Corn stands at $4.64 3/4, down 7 3/4 cents, and Mar 27 Corn is at $4.80 1/2, down 7 3/4 cents. Additionally, New Crop Cash is at $4.15 1/4, down 8 1/2 cents.
It is important to note that the information and data provided in this article are for informational purposes only. The original article was published on Barchart.com.
