Corn Collapsing at Midday

Corn futures are falling 14 to 18 cents so far on the Monday session, as traders come back to a wetter ECB forecast. Preliminary open interest showed some net new buying, up 2,588 contracts. There were zero deliveries against July corn futures overnight. The oldest dated long is from June 27. 

Rains over the next week will be focused mostly in the ECB, with Hurricane Beryl bringing rains from the Gulf through MO and IL, and potentially into parts of IN and OH. Nebraska saw some widespread hail damage over the weekend, but the market seems less concerned with that. Most traders expect to see steady conditions near 67% gd/ex in this afternoon’s Crop Progress report update. 

USDA reported a private export sale of 135,636 MT of corn to unknown destinations this morning, with 50,800 MT headed out this MY and 84,836 MT for new crop shipment. 

Export Inspections data from Monday morning showed 1.024 MMT (40.3 mbu) of corn shipped in the week that ended on July 4th. That was more than double the same week last year and a 9.96% hike from the week prior. Mexico saw the largest total, at 369,272 MT, with 305,153 MT headed to Japan. Accumulated exports for the marketing year are now at 43.51 MMT (1.713 bbu), a 29.75% increase from the same period in the previous marketing year.

Jul 24 Corn is at $3.95, down 16 1/4 cents,

Nearby Cash is at $3.79 7/8, down 18 1/2 cents,

Sep 24 Corn is at $3.92 1/4, down 18 1/4 cents,

Dec 24 Corn is at $4.06 1/2, down 17 1/2 cents,

New Crop Cash is at $3.67 1/8, down 17 1/2 cents,