Corn prices are down 5 to 8 cents at midday on Thursday amid a sharp slide in overall ag commodity prices and poor weekly export sales numbers. Futures had posted gains of 5 to 9 cents yesterday, getting spillover support from near limit gains in wheat. Open interest was up 7,799 contracts on Wednesday, suggesting net new buying. The CmdtyView national average Cash Corn price was down 8 at $4.09 1/2.
USDA’s weekly Export Sales report this morning fell short of the trade estimated range of 500,000 to 1 MMT for old crop corn export business in the week of July 9. It showed just 314,962 MT. That was a MY low but still more than triple the same week last year. Sales for 2026/27 were on the lower side of the 0.3-1.1 MMT expectations at 311,222 MT. That was a 6-week low and took the accumulated new crop commitments to 6.859 MMT, 14.5% above the same time last year.
The next 7 days are predicted to be relatively dry for much of the Western Corn Belt according to NOAA’s 7-day QPF, with just trace amounts in much of MN, IA, NE, MO, and the Dakotas. The Eastern Corn Belt is seen a little wetter, with 0.5-1.5 inches expected in parts of IL, IN, and OH.
The IGC cut its projection for 2026/27 world corn production by 4 million metric tonnes (MMT) to 1.306 billion tonnes. The French crop forecast was reduced 3 MMT due to excessive heat harming yield potential.
Sep 26 Corn is at $4.40 1/4, down 7 1/4 cents,
Nearby Cash is at $4.09 1/2, down 8 cents,
Dec 26 Corn is at $4.63, down 6 1/2 cents,
Mar 27 Corn is at $4.78 1/2, down 5 3/4 cents,
New Crop Cash is at $3.68 1/4, down 4 cents,
