Corn Prices Slide Below $4 as USDA Reports Show Mixed Crop Conditions Ahead of Key Data Release

Corn futures extended losses into Monday’s session, with nearby contracts sliding 5¼ to 11½ cents as traders positioned ahead of Tuesday’s USDA reports. The July contract closed at $4.02 per bushel, while September futures fell to $4.10 ¼ and December contracts dropped to $4.30.

The CmdtyView national average cash corn price slipped 10¾ cents to $3.76 1/1 during the session. First notice day for July futures is Tuesday, adding near-term pressure to the market.

Weekend Crop Progress data indicated the U.S. corn crop is advancing, with 9% of acres reaching silk stage by June 28—three percentage points above the five-year average. However, condition ratings declined slightly, falling 1% to 67% rated good to excellent, pushing the Brugler500 index down 2 points to 371.

Export inspections for the week ended June 25 showed strong demand, with corn shipments totaling 1.786 million metric tons (70.32 mbu), up 21.7% from the prior week and 29.34% above the same period last year. Japan led with 358,881 MT, followed by Mexico at 310,258 MT and Taiwan at 151,202 MT. Season-to-date shipments now total 68.882 MMT (35.68 mbu), 15.92% higher than last year.

NOAA’s 7-day QPF forecast calls for 1–3 inches of rain across parts of the Dakotas, Minnesota, eastern Nebraska, and northeastern Iowa and Wisconsin over the next week. Southern Iowa, Missouri, and the eastern Corn Belt are expected to remain dry.

Market attention turns to Tuesday’s NASS reports, including planted acreage estimates and June 1 grain stocks. Analysts expect 95.1 million corn acres based on a Bloomberg survey, with 5.415 billion bushels of corn on hand as of June 1.

In Brazil, the second-season corn crop in the central-south region has reached 22% harvested, according to AgRural.

Price Summary:
Jul 26 Corn: $4.02 (down 10¾ cents)
Nearby Cash: $3.76 1/1 (down 10¾ cents)
Sep 26 Corn: $4.10 1/4 (down 11½ cents)
Dec 26 Corn: $4.30 (down 11½ cents)
New Crop Cash: $3.85 1/4 (down 11½ cents)

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