Corn futures rallied on July 5, with prices closing 3 ½ to 6 ¾ cents higher; July futures were up 1 ¾ cents at $4.42 ½. The CmdtyView national average cash corn price increased by 5 cents to $4.13 ¾. Open interest fell by 3,120 contracts, indicating more short positions were covered, with only one delivery notice against July futures overnight.
According to the weekly Crop Progress report, 16% of the U.S. corn crop was silking, 2 percentage points ahead of the five-year average, while 3% was in the dough stage. U.S. condition ratings remained steady at 67% in good to excellent condition. The Brugler500 index showed improvements in Michigan, Minnesota, South Dakota, Missouri, and Iowa, but declines in Texas, Ohio, Nebraska, Illinois, Kansas, North Dakota, and Indiana.
May corn exports totaled 7.252 MMT (284.5 million bushels), a 0.18% increase from the previous year but down 3.62% from 2020/21’s record. Distillers exports reached 1.081 MMT, while ethanol exports hit a record 189.65 million gallons, up 6.59% from last year and 7.22% from April.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
