On Monday, the corn market experienced sharp losses, with prices dropping 8 to 12 cents across most contracts. The CmdtyView national average Cash Corn price decreased by 9 3/4 cents to $4.11 1/4 per bushel. This decline followed a Friday rally, coupled with crude oil prices falling by $1.54 per barrel.
According to the USDA Crop Progress report released after the market closed, corn emergence in the U.S. reached 94%, aligning with the five-year average. Condition ratings improved 1 point to 72% good/excellent, matching trade expectations. The Brugler500 index rose by one point to 379. The USDA’s Export Inspections report indicated that 1.673 million metric tons (MMT) of corn were shipped for the week ending June 12, up 21.16% compared to the same week in 2024, but down 3.23% from the previous week.
Brazil’s second corn crop harvest is currently at 5.2% complete, significantly lagging behind last year’s pace of 21% at this time. As for market prices, Jul 25 Corn closed at $4.34 3/4 (down 9 3/4 cents), and Sep 25 Corn closed at $4.19 3/4 (down 8 3/4 cents).
