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Corn prices are showing a morning increase of 2.5 to 3.5 cents on Tuesday, with July futures closing at $4.18 ¾, up 1.25 cents. The USDA reported a private export sale of 103,000 metric tons (MT) of corn to Japan, split between 40,000 MT from the old crop and 63,000 MT from the new crop.
As of June 7, 97% of the U.S. corn crop has been planted, with 86% emerged, aligning with the five-year average. Condition ratings remain steady at 67% in good to excellent condition. Additionally, export inspections for the week ending June 4 recorded corn shipments of 1.911 million MT, a 9.21% increase from the prior week and 10.54% higher than the same week last year, with Mexico being the largest destination at 497,128 MT.
In a recent tender, a South Korean importer purchased 134,000 MT of corn, further boosting demand amidst the current marketing year totals reaching 63.875 million MT shipped, representing a 26.80% year-over-year increase.
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