Corn prices experienced a slight decrease of 1 to 2 cents as trading commenced on Tuesday. Futures closed the previous session with gains ranging from 2 to 5.5 cents, while open interest increased by 8,606 contracts, indicating new buying activity. The CmdtyView national average cash price for corn rose by 5 cents to $4.18 ¾.
The weekly Crop Progress report, released July 19, revealed that 59% of the U.S. corn crop is silking, which is 5 percentage points ahead of the five-year average. Condition ratings for the crop dipped 1% to 67% in good to excellent condition. In terms of exports, corn shipments reached 1.55 million metric tons (60.7 million bushels) for the week ending July 16, reflecting a 0.31% decrease from the prior week but up 57.36% from the same week last year. Year-to-date shipments now total 73.77 million metric tons, an increase of 25.42% compared to the previous year.
In Brazil, AgRural reported that 49% of the second corn crop has been harvested, lagging behind the 55% completion rate from last year.
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