Corn Pushing to New Lows on Tuesday
The corn market is continuing to struggle on Tuesday, weighted by losses crude oil market, as well as spillover pressure from wheat. Contracts are down 1 to 4 cents at midday. The front month CmdtyView national average Cash Corn price was down 1 1/4 cents at $3.95.
USDA reported a private export sale of 630,000 MT of corn to Mexico this morning, with 554,400 MT for 2025/26 and 75,600 MT for 2026/27.
Slack Rain and Frost Threats in Brazil Push Coffee Prices Sharply Higher
Slowing Ivory Coast Cocoa Exports Boosts Cocoa Prices
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After the Monday close, USDA Crop Progress report showed corn at 97% emerged across the country, 1 point behind the five year average pace. The crop was also listed a 4% silking, ahead of the 3% average pace. Condition ratings were down 2 percentage points to 70% good/excellent, below the trade ideas of 72%. The Brugler500 index was 3 points lower to 376 points. By state, the Western Corn Belt saw much of the decline, with CO dropping 30 points, as NE was down 7, with ND down 13 and TX dropping 16. Conditions in IN were down 7, with IA slipping 3. Ratings improved in IL by 4, with MN up 3, and OH up 7.
The delayed CFTC report showed managed money increasing their net short position in corn futures and options by another 20,768 contracts as of June 17th. Their net short position nearly a week ago was 184,788 contracts.
ANEC estimates the Brazilian corn exports in June at 828,959 MT, which is down from the 913,316 MT in the previous estimate.
Jul 25 Corn is at $4.18, down 1 1/4 cents,
Nearby Cash is at $3.95, down 1 1/4 cents,
Sep 25 Corn is at $4.14, down 3 1/2 cents,
Dec 25 Corn is at $4.31, down 2 3/4 cents,
New Crop Cash is at $3.87 3/4, down 2 3/4 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. This article was originally published on Barchart.com
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