Corn futures saw gains of 2 to 5 cents in the Tuesday session, with the July contract closing at $4.38 3/4. The CmdtyView national average Cash Corn price rose by 5 3/4 cents to reach $4.15. Analysts anticipate cuts to old crop US ending stocks by 23 million bushels, bringing the total to 1.392 billion bushels, ahead of the USDA report scheduled for Thursday.
Crop Progress data indicated that planting is lagging in the eastern US, with states like Indiana and Kentucky down by 3% to 7% compared to historical norms. National condition ratings improved to 71% good/excellent, representing a 3-point increase. Notable improvements were observed in Illinois (+7) and North Dakota (+12), while Nebraska and Kansas recorded declines.
In the export market, South Korea purchased a total of 269,000 MT of corn overnight. Brazil’s ANEC revised its corn export estimate for June to 923,401 MT, an increase of nearly 88,000 MT from prior predictions.
