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Corn futures closed out Monday with contracts 2 to 5 ¾ cents in the red, as the bear spreading continues. The front month CmdtyView national average Cash Corn price was down 6 1/2 cents at $4.13 1/4.
Weekly Crop Progress data showed the US corn crop now 93% planted, matching the 5-year average, with emergence 1 percentage point ahead of normal at 78%. The second week of condition ratings saw a 1% shift to good/excellent at 69%, with the Brugler500 index up 1 point to 375.
A wet forecast continues to keep some ammo in the bears corner. The 7-day QPF from NOAA shows widespread rains from the Plains (excluding much of the Dakotas) through the Eastern Corn Belt. Totals range from 1 to upwards of 4 inches.
Monthly Grain Crushing data was released this afternoon, showing 425.8 mbu of corn used for ethanol production in April. That was down 6% from last month, but 0.77% above April 2024 and a 6-year high for the month. For the marketing year, 3.634 bbu of corn has been consumed, up 20 mbu from the same point last year.
USDA’s Export Inspections report indicated a total of 1.576 (60.05 mbu) of corn shipped in the week that ended on 5/29. That was up 11.26% from the previous week and 11.03 above the same week in 2024. Mexico was the largest destination of 415,593 MT, with 388,008 MT headed to Japan, and 263,768 MT to South Korea. Marketing year shipments have totaled 48.58 MMT (1.913 bbu) with since September 1 in the MY, which is up 28.54% compared to the same week last year.
AgRural released updated Brazilian estimates this morning, raising their corn projection by 3.7 MMT to 128.5 MMT. They also estimated the second crop corn at 1.3% planted in the center-south region. A StoneX estimate was raised by 1.6 MMT to 134 MMT, mainly on a hike to the second crop.
Jul 25 Corn closed at $4.38 1/4, down 5 3/4 cents,
Nearby Cash was $4.13 1/4, down 6 1/2 cents,
Sep 25 Corn closed at $4.20 3/4, down 2 1/2 cents,
Dec 25 Corn closed at $4.35 3/4, down 2 3/4 cents,
New Crop Cash was $3.93 3/4, down 2 1/4 cents,
