Corn Prices Dip Despite Futures Gains
Corn prices have taken a downward turn on Tuesday morning, despite futures contracts closing higher across most months. According to data from CmdtyView, open interest was down by 6,336 contracts, indicating some short covering. The national average Cash Corn price, however, saw an increase of 9 3/4 cents at $4.20.
The latest crop progress report showed that 90% of the US corn crop had silked by August 2, with 43% in the dough stage and 6% dented. The condition ratings for US corn slipped another 2%, now standing at 61% in good to excellent condition. Additionally, grain crushing data revealed that 466.71 million bushels of corn were used for ethanol production in June, down 1.5% from last month but up 4.43% year-over-year.
Export inspections also showed a significant increase in corn shipments, with 1.885 MMT (74.2 million bushels) exported in the week ending July 30. Mexico was the largest destination for corn exports, followed by South Korea and Colombia. The marketing year total is now 77.27 MMT of export, representing a 25.35% increase from the same period last year.
The Brazilian second crop corn is estimated to be around 69% harvested in the center south region, with AgRural projecting 110.5 MMT and StoneX estimating 110.7 MMT for the total crop this season.