Corn prices dropped on Tuesday, with contracts declining 4 to 6 cents and the CmdtyView national average cash corn price at $3.65, down 5 3/4 cents. A private export sale of 128,000 metric tons of new crop corn to unknown destinations was reported by the USDA.
June corn exports were recorded at 6.747 million metric tons (265.62 million bushels), marking the second-largest for the month, a 22.76% increase year-over-year but still 7.43% below May. Ethanol exports reached a record 173.67 million gallons, up 29.58% from last year, but also down 5.95% from May.
USDA’s Crop Progress report indicated that 88% of the US corn crop is silking, with 42% in the dough stage and 6% dented, maintaining 73% good/excellent conditions. A South Korean importer tendered for 140,000 MT of corn with a Wednesday deadline.
