Corn prices remained relatively unchanged on Monday, July 3, 2023, with contracts fluctuating between up 1 ¼ to 3 cents. The front month CmdtyView national average Cash Corn price decreased by 1 3/4 cents to $3.92 1/4 per bushel. The USDA’s quarterly Grain Stocks report indicated a total of 4.643 billion bushels of corn in stocks as of June 1, slightly above estimates but down 354 million bushels from last year.
The annual Acreage report revealed that 95.203 million acres of corn were planted this spring, only 123,000 acres below the March Intentions report. Additionally, the Export Inspections report noted that 1.37 million metric tons (53.93 million bushels) of corn were shipped in the week ending June 26, marking an 8.92% decline from the previous week and a 64.81% drop compared to the same week in 2024. However, marketing year shipments now total 54.944 million metric tons (2.163 billion bushels), a 29.28% increase from last year.
Brazil’s corn crop was estimated at 130.6 million metric tons, up 1.9 million from the previous estimate, due to an increase in the second crop. As of midday, Jul 25 Corn was at $4.18 3/4, while Nearby Cash was at $3.92 1/4.
