US corn futures fell again on Tuesday. For the front month of September, they fell by 5.50 US cents to 381.50 US cents/bushel. Overall, the market remains under pressure.
Fundamentally, export data provided some support: June exports totaled 6.747 million metric tons according to the U.S. Commerce Department - the second highest result for the month and 22.76% above last year's level. Compared to May, however, this represented a decrease of 7.43%. Ethanol exports reached a new record high for June at 173.67 million gallons.
Fresh support came from the demand side: the USDA reported an export sale of 128,000 tons of new crop corn to unknown recipients. In addition, a new tender for 140,000 tons was issued in South Korea.
The weekly status report shows unchanged ratings: 73% of corn stocks are still considered good/excellent.
Despite the fundamental data showing stable demand, corn remains under pressure. The good conditions and the persistently good growing weather suggest record yields. This was also felt by traders on Euronext, where the November price fell by €1.00 to €192.00 per tonne.
