Corn futures experienced a decline on Tuesday, with contracts closing steady to 1.5 cents lower, except for July which gained 0.75 cents. The CmdtyView national average cash corn price increased by 1.5 cents to $3.86 1/4. The USDA reported a private export sale of 120,000 metric tons of old crop corn to unspecified destinations.
As of June 7, 97% of the U.S. corn crop had been planted, with 86% emerging, aligning with the five-year average. Current condition ratings indicate 67% of the crop is in good to excellent condition, unchanged from the previous week, while the Brugler500 index rose by one point to 372. USDA’s monthly WASDE report, expected on Thursday, forecasts a potential 6 million bushel decrease in old crop carryout and a 10 million bushel reduction for new crop corn.
Additionally, a South Korean importer recently acquired 134,000 metric tons of corn in a tender offer.
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