Corn futures ended the Monday session with contracts down 7 to 9 ½ cents. The front month CmdtyView national average Cash Corn price was down8 3/4 cents at $3.96 1/4. Crude oil was down $6.70 at the close, as the market is failed much upside follow through reaction following the US strikes on Iran nuclear facilities over the weekend. Iran released a missile attack on a US base in Qatar on Monday, though they gave the White House a heads up and no damage was reported. The market expects to see things quiet down following the back and forth.
After the Monday close, USDA Crop Progress report showed corn at 97% emerged across the country, 1 point behind the five year average pace. The crop was also listed a 4% silking, ahead of the 3% average pace. Condition ratings were down 2 percentage points to 70% good/excellent, below the trade ideas of 72%. The Brugler500 index was 3 points lower to 376 points.
Export Inspections data showed 1.48 MMT (58.13 mbu) of corn shipped in the week that ended on June 19, which was down 12.91% from the week prior, but still up 28.07% from the same week last year. Mexico was the top destination of 345,857 MT, with 249,885 MT headed to Japan. Marketing year shipments have totaled 53.547 MMT (2.108 bbu) since September 1, 28.51% larger yr/yr.
The delayed CFTC report showed managed money increasing their net short position in corn futures and options by another 20,768 contracts as of June 17th. Their net short position nearly a week ago was 184,788 contracts.
Brazil’s second crop corn harvest is estimated at 13% complete in the center-south region, according to AgRural, which is well below the 34% from this point last year.
Jul 25 Corn closed at $4.19 1/4, down 9 1/2 cents,
Nearby Cash was $3.96 1/4, down 8 3/4 cents,
Sep 25 Corn closed at $4.17 1/2, down 8 cents,
Dec 25 Corn closed at $4.33 3/4, down 7 1/2 cents,
New Crop Cash was $3.90 1/2, down 7 3/4 cents,
