Corn Fading Back Lower on Thursday

Corn futures are trading with contracts 6 to 7 cents lower at midday, reverting from the 17 to 20 cent gains on Wednesday. The CmdtyView national average Cash Corn price is 6 3/4 cents lower at $4.21 1/2.

Export Sales data was released this morning, with a total of 410,748 MT sold in the week of August 6 for old crop exceeding trade ideas of between net cancellations of 100,000 MT to sales of 400,000 MT. That was a 5 week high and well above the same week last year’s net cancellations. New crop sales were tallied at 924,532 MT in that week, which was in the middle of estimates calling for between 0.8-1.4 MMT. That was a 3-week low and down 54.9% from the same week last year. 

Wednesday morning’s Crop Production report from NASS showed yield at 180.7 bpa, with planted acreage raised by 1.4 million acres from the June report to 96.7 million acres, with harvested up 1.2 to 88.6 million acres. FSA data showed prevent plant acres for corn at 1.355 million acres. Production was tallied at 16.013 bbu, which was 13 mbu above the July WASDE number and nearly 80 mbu above estimates.

Per WASDE data, ending stocks for 2025/26 were down 75 mbu from last month on an increase to exports at 1.945 bbu. New crop stocks were pegged at 1.653 bbu due to the lower carryover and increased new crop export potential. World ending stocks were down 0.6 MMT for the new crop estimates at 274.66 MMT. 

Production for 2025/26 Brazil was up 2 MMT to 140 MMT per WASDE data, with CONAB out this morning taking output up 1.23 MMT to 142.96 MMT. Much of that was via second crop, up 1.6 MMT to 111.03 MMT. Argentina was left at 63 MMT, though the Rosario Grains Exchange raised their projection by 2.5 MMT to 70.5 MMT, with 2026/27 at 66 MMT. 

Sep 26 Corn is at $4.50 1/4, down 6 3/4 cents,

Nearby Cash is at $4.21 1/2, down 6 3/4 cents,

Dec 26 Corn is at $4.74, down 6 3/4 cents,

Mar 27 Corn is at $4.89 3/4, down 6 3/4 cents,

New Crop Cash is at $4.25, down 6 1/4 cents,