Corn markets continued a downward trajectory, with futures contracts experiencing additional declines during the Wednesday session. December contract futures closed the previous day at $4.65½, down 7 cents, while September contract futures finished at $4.42¼, down 7 cents. The nearby cash price settled at $4.13½, reflecting a loss of 7¼ cents. March futures closed at $4.81½, down 6¾ cents.
Several factors contributed to the weakness in corn markets. Crude oil prices declined $5.20, which exerted downward pressure on the commodity complex. Open interest data indicated that long positions were being liquidated, with open interest falling by 5,610 contracts. On Wednesday morning, prices continued the downward movement with losses of 4 to 4½ cents across most contracts.
Crop condition ratings deteriorated further according to the weekly Crop Progress report, with good to excellent condition ratings slipping to 61%, down another 2 percentage points. The Brugler500 index declined 5 points to 356. Condition deterioration was reported across several major corn-producing states including North Dakota, Kansas, Nebraska, Minnesota, Wisconsin, South Dakota, and Missouri. However, some improvement was noted in Iowa, Illinois, Indiana, and Ohio.
On the export front, June corn shipments reached 7.926 million metric tons, establishing a record for the month and representing a 9.29% increase from May. Distillers exports totaled 1.099 million metric tons, marking an 11-year high for June and the largest volume since October. Ethanol shipments hit a record 206.06 million gallons, up 8.65% from May. StoneX analysts estimated the U.S. corn yield at 184.8 bushels per acre based on customer surveys, with total production projected at 16.16 billion bushels. Weather forecasts indicated precipitation expected across portions of Iowa, Missouri, Indiana, Wisconsin, Michigan, Ohio, northern Indiana, and southern Minnesota in the coming week.
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