The USDA reported a private export sale of 120,000 metric tons (MT) of old-crop corn to unknown destinations this morning.

According to the NASS Crop Progress Report as of June 7, 97% of the U.S. corn crop had been planted, with 86% emerged, close to the five-year average. Corn condition ratings remained steady at 67% good-to-excellent, unchanged from the previous week. The Brugler500 Index increased by 1 point to 372 due to higher excellent ratings. Crop conditions declined in Texas by 11 points and Indiana by 10 points, while improvements were recorded in Iowa (+2), Nebraska (+4), and Illinois (+5).

The USDA will release its monthly WASDE report on Thursday. A Bloomberg survey of traders expects old-crop U.S. corn carryout to be reduced by 6 million bushels (mbu) to 2.136 billion bushels (bbu). New-crop carryout is projected at 1.947 billion bushels, reflecting a potential reduction of 10 mbu.

A South Korean importer purchased 134,000 MT of corn through an overnight tender.