International Corn Market

24-Jun-2025 08:17 AM

International Corn Market
According to the USDA Crop Progress report released after Monday’s close, 97% of the corn crop had emerged nationwide, which is 1 percentage point behind the five-year average. Meanwhile, 4% of the crop had reached the silking stage, slightly ahead of the 3% average pace. Crop condition ratings declined by 2 percentage points to 70% good/excellent, below the trade expectation of 72%. The Brugler500 index also fell by 3 points to 376.
Export Inspection data showed that 1.48 MMT (58.13 million bushels) of corn was shipped during the week ending June 19. This was 12.91% lower than the previous week but 28.07% higher than the same period last year. Mexico was the top destination with 345,857 MT, while 249,885 MT was shipped to Japan. Marketing year-to-date shipments have totaled 53.547 MMT (2.108 billion bushels), which is 28.51% higher year over year.
The delayed CFTC report indicated that as of June 17, managed money increased its net short position in corn futures and options by 20,768 contracts. About a week earlier, their net short position stood at 184,788 contracts.
In Brazil, the second corn crop harvest in the Center-South region was estimated to be 13% complete, significantly behind the 34% progress at the same time last year.