Corn Futures Decline Amid Wheat Market Pressure and Export Data

Corn futures fell by one cent for the July contract, while new crop futures dropped by 4 to 5 cents. Market pressure from declining wheat prices is contributing to this downturn. The CmdtyView national average cash corn price is currently down ¾ cent to $4.32.

Export Inspections Show Mixed Results

Data on export inspections indicated that 1.396 MMT (54.97 mbu) of corn were shipped during the week ending May 22. This figure represents a 20.69% decline from the previous week but is 23.52% higher than the same week last year. Japan led as the primary destination with 374,460 MT, followed by Mexico with 297,363 MT and Colombia with 199,544 MT. Total corn exports for the marketing year have reached 46.98 MMT (1.85 bbu) since September 1, marking a 29.15% increase over the same period last year.

Corn Planting Progress and Market Sentiment

As the weekly Crop Progress report approaches, analysts predict that corn planting will be approximately 87% complete. Initial ratings will be announced, with analysts expecting an average of 73% and a range between 64% to 78%.

According to CFTC Commitment of Traders data, speculators increased their net short position in corn futures and options by 18,234 contracts as of May 20, bringing the total to 103,210 contracts.

Brazil’s Corn Production Update

AgRural reports that Brazil’s second corn crop is 0.9% harvested in the states of Mato Grosso and Parana, trailing last year’s early pace of 2%. Datagro estimates the overall crop at 132.7 MMT, an increase of 1 MMT compared to earlier projections.

Current Corn Prices

Jul 25 Corn is priced at $4.58 ½, down 1 cent.

Nearby Cash is at $4.32, down ¾ cent.

Sep 25 Corn is trading at $4.33 ¼, down 4 ½ cents.

Dec 25 Corn is at $4.46, down 4 ¾ cents.

New Crop Cash is priced at $4.04 1/1, down 4 ¾ cents.

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data herein are for informational purposes only. For more, view the Barchart Disclosure Policy.

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The views and opinions expressed herein are the author’s and do not reflect those of Nasdaq, Inc.