As of late morning Tuesday, July 18, corn prices at the CME dropped by 2 to 3 cents, following a decline of 4 to 5.5 cents in the previous day’s session. The CmdtyView national average new crop cash corn price fell to $3.775, a decrease of 2.75 cents.
According to the USDA’s NASS weekly Crop Progress report, 56% of the U.S. corn crop was silking as of July 20, lagging 2 percentage points behind the 5-year average. The crop was 14% in the dough stage, exceeding the 12% average. Condition ratings remained steady at 74% good/excellent, while the Brugler500 index stood at 385. Iowa reported the highest condition ratings, whereas Michigan had the lowest among major acreage states.
In the week ending July 17, USDA Grain Inspections reported 983,625 metric tons of corn were inspected for export, down from 991,257 metric tons a year earlier, and significantly lower than the 1.314 million metric tons shipped the previous week. Year-to-date inspections reached 58.718 million metric tons, an increase of 28.9% compared to the same period last year.
