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Corn Slips Back Lower on Tuesday

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Corn futures ended the Tuesday session with contracts fractionally 2 Β½ cents in the red. Rains over the next couple days are limited to the WCB, with the ECB precip expected over the weekend.

USDA reported a couple private export sale announcements this morning, with 113,050 MT split evenly between old and new crop shipment to Mexico and 110,000 MT of 23/24 corn to Spain.Β 

The Monday afternoon Crop Progress report indicated variable state planting results. IL was 4% behind normal, with IN and NE 3% back of the average and IA lagging behind by 8%. MN was up 7% from the normal pace, with the Dakotas putting in work over that week (SD +7% vs. ave and ND +15%).

China customs data shows corn imports from all sources in April totaled 1.18 MMT.Β  Year to date imports of 9.1 MMT are up 6.5% from 2023.Β 

Jul 24 CornΒ Β closed at $4.58, down 2 1/2 cents,

Nearby CashΒ Β was $4.34 3/8, down 2 3/8 cents,

Sep 24 CornΒ Β closed at $4.68 1/2, down 2 1/2 cents,

Dec 24 CornΒ Β closed at $4.82 1/4, down 2 cents,

New Crop CashΒ Β was $4.44, down 2 1/4 cents,

On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

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

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