Corn prices saw a modest decline of 1 to 2 cents on Tuesday morning but futures rebounded, closing up 6 to 8.5 cents. The CmdtyView national average cash corn price increased by 9.75 cents to $4.20. Notably, the USDA’s weekly Crop Progress report indicated that 90% of the U.S. corn crop was silking by August 2, with 43% in the dough stage—5 percentage points ahead of the norm—while condition ratings fell to 61% in good to excellent condition.
In June, 466.71 million bushels of corn were used for ethanol production, down 1.5% month-over-month but 4.43% year-over-year, setting a record for the month. Weekly export inspections reported corn shipments of 1.885 million metric tons (74.2 million bushels) for the week ending July 30, an increase of 22.92% from the previous week and 45.44% from the same week last year. The largest destinations included Mexico (490,997 MT), South Korea (351,654 MT), and Colombia (271,599 MT).
In Brazil, AgRural estimates that 69% of the second crop corn in the central south region has been harvested, with total production projected at 142.8 million metric tons for the 2025/26 marketing year, while StoneX revised its estimate to 141.5 million metric tons.
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