The corn market experienced a modest increase on Monday, with prices settling 1 to 3 cents higher as traders cautiously awaited the weekly crop progress and conditions report, alongside positioning for Wednesday’s WASDE (World Agricultural Supply and Demand Estimates) report.
Trade predictions for the afternoon’s Crop Progress report estimated planting progress between 95% and 96%. Condition ratings were expected to remain nearly unchanged from the previous week. The National Agricultural Statistics Service (NASS) reported that 95% of the corn crop is planted, with 85% emerged. The condition ratings revealed that 74% of the crop is in good or excellent condition. The Brugler500 Index saw a slight decline, dropping 1 point from last week to 384, which is 1 point below the same week in 2020 and 2 points lower than 2018 conditions.
The Export Inspections report released this morning indicated that 1.340 million metric tons (MMTs) of corn were inspected in the week ending June 6. This figure is a decrease from the 1.416 MMT inspected the previous week but an increase from 1.17 MMT during the same week in 2023. Inspections for the marketing year to date (MYTD) total 1.54 billion bushels, marking a 25.78% increase from the previous year.
Industry surveys ahead of Wednesday’s USDA WASDE report suggest that the government will report old crop ending stocks at 2.009 billion bushels, with 2024/25 ending stocks projected at 2.079 billion bushels or 2.087 billion bushels . Both estimates would represent a decrease from the May numbers if confirmed.
The closing prices for corn on Monday were as follows:
July 2024 Corn: $4.51 3/4, up 3 cents
Nearby Cash: $4.34 3/8, up 3 1/4 cents
September 2024 Corn: $4.56 1/4, up 1 1/2 cents
December 2024 Corn: $4.68 1/4, up 1 cent
New Crop Cash: $4.32 1/8, up 1 1/2 cents
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Chicago Corn Futures Near Six-Week Low Amid Favorable Growing Conditions
