According to the U.S. Crop Progress report, 34% of the corn crop has reached the silking stage, which is 1% above the 5-year average. About 7% of the crop is in the dough stage. Crop conditions remain stable, with 74% rated good to excellent and a Brugler500 index score of 385.

Export Inspections data for the week ending July 10 showed corn exports at 1.287 MMT (1.287 billion bushels), down 17.7% from the previous week but 17.06% higher than the same week last year. Mexico was the top destination with 332,337 MT, followed by Japan (293,450 MT) and Brazil (271,008 MT). Since September 1, total marketing year exports have reached 57.806 MMT (2.276 billion bushels), up 29.54% year-over-year.

Rainfall is expected to be widespread this coming week, with most of the Corn Belt receiving at least 1 inch and the Central Corn Belt expecting 2 to 3 inches.

Over the weekend, President Trump announced a 30% tariff on the EU and Mexico, effective August 1.

According to Brazil’s AgRural agency, only 40% of the country’s second corn crop has been harvested so far, significantly behind last year’s 74% at the same time.