Corn futures are trading lower at midday, with contracts down 2 to 2½ cents. July futures expire today, while the national average cash corn price stands at $4.08, down 2 cents. The latest Crop Progress report revealed that 16% of the U.S. corn crop is silking as of July 12, exceeding the five-year average by four percentage points, with 6% in the dough stage. Condition ratings held steady at 68% good to excellent, though the Brugler500 index rose 2 points to 371. Regional variations were noted, with Ohio and Missouri showing significant improvements (+17 and +7, respectively), while South Dakota saw a sharp decline of 9 points.
International crop developments added complexity to the outlook. CONAB data released this morning indicated Brazil’s 2025/26 corn crop is projected at 141.73 million metric tons (MMT), up 1.27 MMT from the previous month, including a 1.56 MMT increase in second-crop production to 109.43 MMT.
Looking ahead, July 26 corn priced at $4.33¾, down 4 cents; nearby cash at $4.08, down 2 cents; September 26 at $4.39, down 2 cents; December 2026 at $4.61, down 2¼ cents; and new crop cash at $4.11, down 2 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 in this article is solely for informational purposes.