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Corn futures slipped 2 to 3 cents lower in Tuesday morning trading, with front-month contracts posting the steepest losses. Open interest rose 11,996 contracts, suggesting increased selling pressure. The nearby cash corn price held steady at $4.08½.
National Agriculture Statistics Service (NASS) data released Tuesday showed 93% of the U.S. corn crop planted as of May 31, slightly ahead of the 5-year average. Emergence reached 76% of expected area, 2% faster than normal. The initial corn crop condition rating came in at 67% good/excellent, falling short of the 70% median forecast in a Reuters survey and declining 2% year-over-year. This resulted in a Brugler500 index score of 371—the lowest initial rating in three years and the third-lowest in the past 13 years.
The April Grain Crushing report from NASS showed corn used for ethanol production totaled 427.68 million bushels, representing a 9.9% decrease from March but a 1.05% increase compared to the same period last year. Marketing year-by-year grind reached 3.653 billion bushels, up 25 million bushels from the previous year.
According to USDA’s Foreign Agricultural Service, corn export shipments totaled 1.728 million metric tons (68.03 million bushels) during the week ending May 28, an increase of 7.72% from the previous week and 5.26% above the same period last year. Japan led importers with 592,231 metric tons, followed by Mexico at 430,834 metric tons and Colombia at 148,236 metric tons. Marketing year exports for 2025/26 have reached 61.94 million metric tons (2.439 billion bushels) since September 1, up 27.33% from the same period last year.
StoneX estimates the Brazilian corn crop at 136.8 million metric tons, a marginal 0.2% decrease from their prior forecast.
Additional news includes overnight purchases of 120,000 to 136,000 metric tons of corn by South Korean buyers.
Price close: July corn finished down 2¾ cents at $4.44, currently down ¾ cent; September corn down 3 cents at $4.52¼, currently down 1½ cents; December corn down 2½ cents at $4.72½, currently down 2 cents.
Nearby cash corn remained at $4.08½, while new crop cash traded down 2 cents at $4.24⅝.
