Corn prices are showing 1 to 2 cent losses early on Tuesday morning. Futures ended the Monday session with contracts down 7 to 9 ½ cents. Preliminary open interest was up 32,135 contracts on Monday, excluding July, suggesting new selling interest. The front month CmdtyView national average Cash Corn price was down 8 3/4 cents at $3.96 1/4.  Crude oil was down $6.70 at the close, as the market is failed much upside follow through reaction following the Iranian strikes on US bases in Qatar. Late on Monday the US announced a ceasefire for Tuesday morning between Israel and Iran.

After the Monday close, USDA Crop Progress report showed corn at 97% emerged across the country, 1 point behind the five year average pace. The crop was also listed a 4% silking, ahead of the 3% average pace. Condition ratings were down 2 percentage points to 70% good/excellent, below the trade ideas of 72%. The Brugler500 index was 3 points lower to 376 points.

The delayed CFTC report showed managed money increasing their net short position in corn futures and options by another 20,768 contracts as of June 17th. Their net short position nearly a week ago was 184,788 contracts.

Export Inspections data showed 1.48 MMT (58.13 mbu) of corn shipped in the week that ended on June 19, which was down 12.91% from the week prior, but still up 28.07% from the same week last year. Mexico was the top destination of 345,857 MT, with 249,885 MT headed to Japan. Marketing year shipments have totaled 53.547 MMT (2.108 bbu) since September 1, 28.51% larger yr/yr.

Jul 25 Corn  closed at $4.19 1/4, down 9 1/2 cents, currently down 2 cents

Nearby Cash  was $3.96 1/4, down 8 3/4 cents,

Sep 25 Corn  closed at $4.17 1/2, down 8 cents, currently down 1 3/4 cents

Dec 25 Corn  closed at $4.33 3/4, down 7 1/2 cents, currently down 2 cents

New Crop Cash  was $3.90 1/2, down 7 3/4 cents,