Corn futures are currently 1 to 3 cents higher on Turnaround Tuesday action, after settling 10 to 10 3/4 cents lower on Monday. There was sizeable long liquidation in the July contract yesterday, with some new selling interest in Sep and Dec according to preliminary open interest. In yesterday morning’s export inspections report, the USDA showed 1.042 MMT of corn was exported during the week of June 8. That is 11.52% lower than last week and 39.02% behind a year ago. The weekly Crop Progress report last night showed that 94% of the US corn crop was emerged as of Sunday, even with the average and 1% lower than last year. Corn ratings were down 1% to 67% good/excellent. The Brugler500 index rating was 367, down 4 from last week and 18 points below the same time last year.

Market Commentary provided by:

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