Corn futures closed on Monday with front months rising by up to 1 ¼ cents, while the CmdtyView national average cash corn price increased by 1 ½ cents to $3.85 ¾. The USDA reported a private export sale of 103,000 MT of corn to Japan, consisting of 40,000 MT for the old crop and 63,000 MT for the new crop.
As of June 7, NASS Crop Progress data revealed that 97% of the US corn crop was planted, with 86% emerged, close to the five-year average. US corn condition ratings remained steady at 67% rated good to excellent. In the prior week, export inspections recorded 1.911 MMT shipped, an increase of 9.21% from the previous week, with Mexico as the largest destination at 497,128 MT.
In Brazil, the second crop corn harvest is estimated to be 4.4% complete, with the total production forecast revised down to 108.2 MMT, a decrease of 0.9 MMT from previous estimates.
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