Corn Pushes to New Contract Low on Tuesday
Corn futures posted losses of 4 to 5 ½ cents to round out the Tuesday trade, as pressure continues to weight on the market. The CmdtyView national average Cash Corn price was down 5 3/4 cents at $3.65 1/4.
USDA reported a private export sale of 128,000 MT of new crop corn to unknown destinations this morning.
Monthly Census trade data was released this morning, showing June corn exports at the second largest all-time for the month at 6.747 MMT (265.62 mbu). That was up 22.76% from a year ago, but still 7.43% below May. Ethanol exports were a record for the month at 173.67 million gallons, a 29.58% increase yr/yr but 5.95% below May. Distillers exports were a 5 year low for the month at 917,307 MT
USDA’s Crop Progress report from Monday showed the US corn ratings steady this week, at 73% gd/ex and 384 on the Brugler500 index. By state, MI saw the largest improvement, up 24 points, with IN up 4, MO 5 points higher, MN improving 2 points and NE 1 point better. KS saw a 11 point drop, with IA down 2, IL slipping 4 points, and OH back down 7.
A South Korean importer tendered for 140,000 MT of corn overnight, with a Wednesday deadline.
Sep 25 Corn closed at $3.81 1/2, down 5 1/2 cents,
Nearby Cash was $3.65 1/4, down 5 3/4 cents,
Dec 25 Corn closed at $4.02, down 5 cents,
Mar 26 Corn closed at $4.20, down 4 3/4 cents,
New Crop Cash was $3.61 1/2, down 5 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. For more information please view the Barchart Disclosure Policy here.