The corn market is experiencing a decline, with contracts falling 8 to 12 cents lower at midday, leading to a front month CmdtyView national average Cash Corn price of $4.09 ½, down 11 ½ cents. USDA reported that 1.673 million metric tons (MMT) of corn were shipped in the week ending June 12, marking a 21.16% increase compared to the same week in 2022, but a 3.23% decrease from the previous week. The largest export destinations included Japan (348,437 MT), Mexico (336,184 MT), and South Korea (192,347 MT).
As of July 25, nearby cash corn is priced at $4.09 ½, down 11 ½ cents, while Brazil’s second crop corn harvest is only 5.2% completed, lagging behind last year’s pace of 21%. Additionally, corn conditions ratings are anticipated to show a slight increase, with analysts expecting a 72% good/excellent rating. Commitment of Traders data reveals that corn speculators added 9,977 contracts to their net short position, totaling 164,020 contracts as of June 10.
