Corn futures edged lower into Monday’s close, with most contracts slipping 1 to 2.75 cents. The July contract fell 0.25 cent. The CmdtyView national average cash corn price rose 1.5 cents to $4.10.
The weekly Crop Progress report indicated 16% of the U.S. corn crop had reached the silking stage by July 12, 4 percentage points above the 5-year average, while 6% advanced to the dough stage. USDA condition ratings remained steady at 68% in good to excellent condition, with the Brugler500 index rising by 2 to 371.
Updated NOAA 7-day quantitative precipitation forecasts predict minimal rainfall across parts of the Dakotas, Kansas, Minnesota, Iowa, Illinois, Missouri, and trace amounts in Ohio and Indiana.
The weekly Export Inspections report revealed corn shipments of 1.54 million metric tons (60.6 million bushels) for the week ending July 9. This marked an 11.26% decline from the prior week but represented a 17.15% increase compared to the same period last year. Mexico led destinations with 400,015 MT, followed by Japan at 300,620 MT and Vietnam at 204,633 MT. Marketing year-to-date shipments now total 72.21 MMT (2.843 billion bushels), up 24.85% year-over-year.
July 26 corn closed at $4.3775, down 0.25 cent; nearby cash was $4.105, up 1.5 cents; September 26 corn settled at $4.41, up 1.5 cents; December 26 corn ended at $4.6325, up 2.25 cents; and new crop cash was $4.13125, up 1.75 cents.
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