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Corn futures saw slight recovery on July 25, with contracts closing down by up to 3.5 cents. The front month Commodity View national average cash corn price remained stable at $3.92 ¾. Grain crushings data revealed that 449.44 million bushels of corn were used for ethanol production in May, marking a 6.2% increase from April but a 1.31% decrease compared to May 2024. For the marketing year, total corn usage stands at 4.08 billion bushels, exceeding the same period last year by 11 million bushels.
As of June 29, the U.S. corn crop is reported at 8% silking, surpassing the average pace of 6%. Overall condition ratings improved to 73% good/excellent. Significant increases were noted in states like Nebraska and South Dakota, while parts of the eastern U.S. showed declines. Meanwhile, Ukraine’s agriculture ministry projects corn exports for 2024/25 at 22 million metric tons, lower than 2024’s 29.5 million metric tons, while Brazil’s corn production is estimated at 136.1 million metric tons.
Closing prices on July 25 included: July corn at $4.20 (down ½ cent), September corn at $4.06 (down 3 ¼ cents), December corn at $4.22 (down 3 ½ cents), and new crop cash at $3.80 (down ¾ cent).
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