Corn prices are continuing the weakness into Tuesday AM trade, with losses of 1 to 3 1/2 cents. Futures posted Monday losses of 13 to 17 cents across the front months following a gap lower at the open. Preliminary open interest was up 2,029 contracts on Monday. There were 77 deliveries issued against July corn futures overnight. The front month CmdtyView national average Cash Corn price was down 16 1/2 cents at $3.89. On Monday President Trump announced tariffs on goods from South Korea and Japan will be raised to 25% on August 1.
Crop Progress data showed 18% of the US corn crop was silking by July 6, 3 points ahead of normal, with 3% in the dough stage. Condition ratings were up 1% to 74% good/excellent, with the Brugler500 index improving 3 points to 385. USDA tallied corn export shipments at 1.491 MMT (58.7 mbu) during the week ending on July 3. That was up 7.97% from last week and 45.63% above the same week last year. Mexico was the largest buyer of 654,044 MT in that week, with Japan destined for 313,846 MT and 136,068 MT for South Korea. Marketing year exports have totaled 56.446 MMT (2.222 bbu), which is 29.69% above the same period last year.
CFTC data showed specs adding 24,181 contracts to their growing net short position in corn futures and options as of July 1. That net short was 206,463 contracts as of last Tuesday.Jul 25 Corn closed at $4.18, down 13 1/2 cents, currently down 1 3/4 centsNearby Cash was $3.89, down 16 1/2 cents,Sep 25 Corn closed at $4.03 1/2, down 16 3/4 cents, currently down 2 1/2 centsDec 25 Corn closed at $4.20 3/4, down 16 1/4 cents, currently down 3 1/2 centsNew Crop Cash was $3.79 5/8, down 16 1/4 cents, On the date of publication.
