Corn Weakness Continuing on Thursday Morning

Corn price action is down 2 to 3 cents early on Thursday. Futures continued the recent slide to new lows for the move on Wednesday, down 5 to 9 cents in most contracts. July closed in on the contract low, with the December contract hitting the lowest price since February. Open interest was up 6,505 contracts on Wednesday, with 14,650 contracts rolling out of July. The CmdtyView national average Cash Corn price was down 7 1/2 cents at $3.97.

USDA reported a private export sale of 136,000 MT of corn to South Korea on Wednesday morning for 2026/27 shipment. Ahead of the weekly Export Sales report on Thursday traders are looking for old crop business of 0.9-1.5 MMT, with new crop seen in a range of 100,000 to 600,000 MT

EIA data from Wednesday showed a 19,000 barrel per day bounce in ethanol production in the week of 5/29, taking it to 1.108 million bpd. Ethanol stocks saw a draw of 362,000 barrels, despite the increased supply, to 24.606 million barrels. Ethanol exports were up 33,000 barrels per day to 135,000 bpd, with refiner inputs of ethanol dropping 38,000 bpd to 899,000 bpd.

The 7-day forecast from NOAA shows 1-2 inches across much of the Central/Western Corn Belt in the next week, mainly ahead of the weekend. The Eastern Corn Belt in central IL to OH shows very little precip. 

Jul 26 Corn  closed at $4.31 1/2, down 9 cents, currently down 3 cents

Nearby Cash  was $3.97, down 7 1/2 cents,

Sep 26 Corn  closed at $4.40 1/4, down 7 3/4 cents, currently down 2 3/4 cents

Dec 26 Corn  closed at $4.59 3/4, down 6 3/4 cents, currently down 3 cents

New Crop Cash  was $4.13 1/4, down 5 1/2 cents,