Corn futures are declining on Tuesday, with September contracts nearing $4, down 2 to 4 cents. The national average cash corn price stands at $3.86 1/2, down 3 1/2 cents. Additionally, there were 77 deliveries against July corn futures overnight.
The USDA reported a private export sale of 112,776 MT of corn to Mexico intended for new crop shipment. Crop Progress data shows that as of July 6, 18% of the U.S. corn crop is silking, 3 points ahead of normal, with 3% in the dough stage. Corn condition ratings improved to 74% good/excellent.
As of July 1, CFTC data indicated speculators added 24,181 contracts to their net short position in corn futures, totaling 206,463 contracts. July 25 corn closed at $4.14, while nearby cash was $3.86 1/2, down 3 1/2 cents.
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