Corn prices are down 3 to 4 ½ cents so far on Wednesday morning, Continued weakness in crude oil is a pressure factor, down another $5/bbl this morning. Futures were under pressure across the board on Tuesday with contracts down 1 ¼ to 5 ¾ cents at the close. Open interest was down 11,348 contracts, with July down 22,687 contracts and September up 7,577 contracts. The CmdtyView national average Cash Corn price was down 5 3/4 cents to $4.18 3/4.
Export Inspections data showed 1.582 MT (62.27 mbu) of corn shipped in the week that ended on May 21. That was up 11.43% from last week and 13.01% higher than the same week last year. Mexico was the top destination of 406,078 MT, with 274,937 MT to Japan and 260,620 MT to South Korea. Marketing year shipments have totaled 60.18 MMT (2.369 bbu), which is up 28.03% yr/yr.
NASS Crop Progress data showed the US corn crop at 86% planted as of Sunday, which was 3% ahead of the 5-year average pace of 83%. The crop was also 60% emerged, which is 2 percentage points faster than normal. Condition ratings will start being reported next week.
A couple South Korean importers purchased a total of 130,000 MT of corn overnight in private deals.
Jul 26 Corn closed at $4.57 1/2, down 5 3/4 cents, currently down 4 1/4 cents
Nearby Cash was $4.18 3/4, down 5 3/4 cents,
Sep 26 Corn closed at $4.64 1/4, down 5 1/2 cents, currently down 3 3/4 cents
Dec 26 Corn closed at $4.82, down 4 1/2 cents, currently down 3 3/4 cents
New Crop Cash was $4.34 3/8, down 5 1/4 cents,
