Corn Pulling Back to Mixed Midday Trade

Corn futures are mixed on Thursday, with front months steady to 2 1/4 cents higher and deferreds down as much as 1 ½ cents. There were 262 delivery notices against July corn overnight.  The CmdtyView national average Cash Corn price is ½ cent higher at $3.93 3/4. The market will observe the July 4^th Independence Day Holiday on Friday, for a 3-day weekend. Sunday night will be a normal open.

Export Sales data was released this morning showing a total of 732,070 MT of old crop corn sales in the week of 6/25, falling in the middle of the 0.5 to 1.1 MMT trade estimates. That was a slight drop from last week and 37.4% larger than the same week last year. New crop business was tallied at 767,756 MT, within expectations of 0.4 to 1.1 MMT.  That was a 3-week high and 18.3% below the same week last year. Accumulated 2026/27 sales are now 6.147 MMT, which is 35.6% above a year ago.

The NOAA 7-day QPF shows rainfall totals of 1 to 3 inches across much of the Dakotas and NE through IA, MN, WI, MI, and parts of northern IL/IN. Much of that is expected by the end of the weekend, with a drier start to next week. Very limited totals are seen in MO through much of the ECB.

After the Wednesday close, the NASS Grain Crushing report showed the largest corn total used for ethanol during May in the data set since 2015 at 471.78 mbu. That was 9.7% above April and 6.16% larger than the same period last year. Marketing year to date shipments are now 4.127 bbu, which is 1.34% (55 mbu) above the same period last year.  

Jul 26 Corn is at $4.23 1/4, up 2 1/4 cents,

Nearby Cash is at $3.93 3/4, up 1/2 cent,

Sep 26 Corn is at $4.22 3/4, unch,

Dec 26 Corn is at $4.41 1/2, down 3/4 cent,

New Crop Cash is at $3.95 3/4, up 0 cent,