Corn futures and cash prices declined by 4-5.5 cents and 5.75 cents respectively, reflecting continued market pressure. This occurred despite robust June Census data reporting corn exports as the second largest for the month at 6.747 MMT and record ethanol exports, alongside a steady USDA crop rating of 73% good/excellent. While new private export sales and a South Korean tender indicated some demand, these factors were insufficient to offset the overall bearish sentiment.
Corn futures and cash markets are experiencing significant downward pressure, with prices falling 4 to 5.5 cents and 5.75 cents respectively. This bearish sentiment persists despite several strong, albeit backward-looking, demand indicators. June Census data revealed the second-largest monthly corn export volume on record at 6.747 MMT and an all-time record for June ethanol exports at 173.67 million gallons. However, these figures were slightly down from May levels, and distillers' grain exports hit a 5-year low for the month. The market appears to be prioritizing the stable supply outlook, as the USDA's Crop Progress report held US corn ratings steady at a healthy 73% good/excellent. While new demand has emerged through a 128,000 MT private export sale and a 140,000 MT South Korean tender, these events have been insufficient to counteract the weight of a potentially large and healthy domestic crop.
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moderately negative
Sentiment Score
-0.40
Ticker Sentiment
