Corn Falling Below $4 on Monday

Corn futures are facing sharp losses on Monday, as long head for the exits ahead of USDA’s report on Tuesday, with midday losses down 13 to 14 cents. July future’s first notice day is on Tuesday. The CmdtyView national average Cash Corn price is 13 1/2 cents lower at $3.73.

Monday morning’s Export Inspections report showed corn shipments of 1.786 MMT (70.32  mbu) in the week of 6/25. That was up 21.7% from the week prior and 29.34% above the same week last year. Japan was the largest destination of 358,881 MT, with 310,258 MT shipped to Mexico and 151,202 MT headed to Taiwan. The marketing year total is now 68.882 MMT (35.68 mbu) of shipments, which is now 15.92% above the same period last year.

The updated 7-day QPF from NOAA showed 1 to 3 inches of rain over the next week, mainly in the Eastern half of the Dakotas, MN, eastern NE through the northwest half of IA and Wi. The south east portion of IA, MO, and the ECB remain dry in the next week.

CFTC data showed managed money adding another 23,264 contracts to their net short position in corn futures and options the week ending on June 23. That came via new short interest, with the outright shorts up 37,052 contracts.

Acreage data will be updated on Tuesday from NASS, with traders looking for 95.1 million corn acres according to a Bloomberg survey. 

Brazil’s second corn crop was estimated at 22% harvested in the center south region according to AgRural.

Jul 26 Corn is at $3.99, down 13 3/4 cents,

Nearby Cash is at $3.73, down 13 1/2 cents,

Sep 26 Corn is at $4.08, down 13 3/4 cents,

Dec 26 Corn is at $4.28, down 13 1/2 cents,

New Crop Cash is at $3.83 1/1, down 13 3/4 cents,