Corn futures are experiencing losses of 7 to 8 cents across most contracts as of midday on Tuesday, following declines in crude oil prices, which are down $4.30. The national average cash corn price has dropped 7 3/4 cents to $4.12.
The latest Crop Progress report indicates that by August 2, 90% of the U.S. corn crop is silking, with 43% in the dough stage—5 percentage points ahead of the seasonal norm. However, corn condition ratings have decreased by 2% to 61% rated good to excellent. Meanwhile, grain crushing data reveals that in June, 466.71 million bushels of corn were used for ethanol production, representing a year-over-year increase of 4.43%.
Additionally, June corn exports reached 7.926 million metric tons, a record for the month and up 9.29% from May. Distillers’ exports hit an 11-year high, with ethanol shipments totaling 206.06 million gallons, an increase of 8.65% from the previous month.
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