As of July 5, 16% of the U.S. corn crop is silking, surpassing the 5-year average by 2 percentage points, with 3% already in the dough stage. The U.S. corn condition rating remains steady at 67% in good to excellent condition, according to the Crop Progress report. Notable improvements were recorded in states like Michigan (+19) and Minnesota (+7), while conditions deteriorated in Texas (-14) and Ohio (-12).
Corn futures closed on July 26 with July contracts up 1 ¾ cents at $4.42 ½, and nearby cash priced at $4.13 ¾, marking a 5-cent increase. Monthly Census data reveals that corn exports reached 7.252 million metric tons in May, making it the third-largest May on record, even as it represents a 3.62% decline from last year. Distillers and ethanol exports also hit significant figures, with ethanol exports at a record 189.65 million gallons, up 6.59% from last year.
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