Corn futures declined on Monday, with contracts falling between 5 ¼ to 11 ½ cents as traders exited positions ahead of the USDA report on Tuesday. The CmdtyView national average cash corn price decreased by 10 3/4 cents to $3.76. The first notice day for July futures is set for Tuesday.
The USDA’s weekly Crop Progress report noted that as of June 28, 9% of the U.S. corn crop is silking, which is 3 percentage points above the 5-year average. The condition rating for U.S. corn stands at 67% good to excellent, a slight drop from the previous week.
Export inspections for the week ending June 25 recorded corn shipments of 1.786 million metric tons (70.32 million bushels), up 21.7% from the prior week and 29.34% from the same period last year. Major destinations included Japan (358,881 MT), Mexico (310,258 MT), and Taiwan (151,202 MT). The total marketing year shipments now amount to 68.882 million metric tons, which is 15.92% higher than last year.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
