Corn futures saw a notable rally on Monday, closing up between 14 ½ to 16 ¼ cents, with July corn settling at $4.40 3/4. This morning, prices increased an additional 1 to 2 ¼ cents. Open interest decreased by 5,923 contracts, primarily in the front contracts, while the CmdtyView national average cash corn price rose by 15 cents to $4.08 3/4.
The USDA’s weekly Crop Progress report, released on July 5, indicated that 16% of the U.S. corn crop is now silking, which is 2 percentage points above the 5-year average. Additionally, 67% of the crops were rated in good to excellent condition. In export activity, the U.S. shipped 1.642 MMT of corn during the week of July 2, down 9.64% from the previous week but up 4.98% from the same period last year, with Mexico being the largest destination at 557,071 MT.
Forecasts predict rainfall of 1 to 3 inches across the Dakotas and Minnesota in the coming days, while the Eastern Corn Belt may see between half an inch to 2 inches. As of June 30, the CFTC reported a decrease of 23,482 contracts in the managed money net short position in corn futures and options, reducing the total to 46,209 contracts.
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