Corn futures are trading with 6 to 8 cent gains so far on Friday following friendlier then expected USDA data. There were 12 deliveries issued against July overnight. The CmdtyView national average Cash Corn price is 6 cents higher at $4.06 3/4.
The monthly WASDE report from this morning showed US corn stocks for 2025/26 down 125 mbu from last month to 2.02 bbu. That was mainly due to a 150 mbu increase to feed and residual and a 25 mbu cut to ethanol. New crop carryout saw a larger than expected drop, down 170 mbu to 1.790 bbu, due to the lower carryover and a 50 mbu increase in exports.
World corn stocks were trimmed by 5.96 MMT to 275.26 MMT. That came mostly from the US cut, as well as a 1 MMT drop to China on a smaller old crop number. EU production was down 3.72 MMT to 53.78 MMT. Coceral trimmed their EU and UK corn production number by 4.5 MMT to 52.7 MMT. Argentina 2025/26 output was raised by 2 MMT to 63 MMT.
Jul 26 Corn is at $4.34 1/2, up 6 3/4 cents,
Nearby Cash is at $4.07 3/4, up 6 cents,
Sep 26 Corn is at $4.37 3/4, up 6 1/4 cents,
Dec 26 Corn is at $4.59 1/2, up 7 1/2 cents,
New Crop Cash is at $4.10 1/2, up 6 1/2 cents,
