Corn futures gained 4 to 6 cents on Monday, with July futures expiring the same day. The national average Cash Corn price rose 4 1/4 cents to $3.86 1/2.
As of July 10, 34% of the U.S. corn crop is silking, slightly above the average, with 7% in the dough stage. Export Inspections reported 1.287 million metric tons (MMT) of corn shipped, a 17.7% decline from the previous week but an increase of 17.06% from last year. Mexico was the largest importer at 332,337 MT. Marketing year shipments total 57.806 MMT, up 29.54% year-over-year.
AgRural estimates that Brazil’s second corn crop is only 40% harvested, significantly lower than last year’s 74%. Rains are anticipated across much of the Corn Belt, with some areas expecting 2-3 inches this week.
