Corn futures climbed out of their overnight hole on Tuesday, though contracts still closed with fractional to 3 ½ cent losses. There were no deliveries against July futures overnight. The front month CmdtyView national average Cash Corn price was steady at $3.92 3/4.  

Grain Crushings data showed a total of 449.44 mbu of corn used for ethanol production in May. That was a jump of 6.2% from April, but still down 1.31% from the same month in 2024. The total for the marketing year through the first 3 quarters is at 4.08 bbu, which is 11 mbu above the same period last year.

Crop Progress data indicated the US corn crop was 8% silking as of June 29, ahead of the 6% average pace. Condition ratings were up 3 points to 73% good/excellent, as the Brugler500 index was 6 points higher to 382. Ratings were improved in a number of state, with NE and SD up 16 points, TX 28 points higher, and IA 5 points better. States in the East were weaker, with OH down 5, IL 4 points lower, and IN 1 point worse.

The 7-day QPF from NOAA shows rains up to 1.5 inches in parts of IA, MN, and WI, with much of the rest of the Corn Belt seeing trace amounts. 

Ukraine’s ag ministry estimates the 2024/25 corn export total for the market year at 22 MMT, which is shy of the 29.5 MMT in 2024. StoneX estimates the Brazilian corn production total at 136.1 MMT, which is 2.1 MMT above their previous number on a hike to the second crop. ANEC estimate June Brazil exports at 566,435 MT, which is below the 982,812 MT prior estimate.

Jul 25 Corn  closed at $4.20, down 1/2 cent,

Nearby Cash  was $3.92 3/4, 0 cent,

Sep 25 Corn  closed at $4.06, down 3 1/4 cents,

Dec 25 Corn  closed at $4.22, down 3 1/2 cents,

New Crop Cash  was $3.80, down 3/4 cent,