Corn Bulls Still Facing Weakness but Pushing Off Early Lows

Corn futures are trading with midday losses of 3 to 6 cents on Thursday, with contracts stull more than 10 cents off the lows. There were another 114 deliveries issued against September corn overnight. The CmdtyView national average Cash Corn price is down 5 3/4 cents at $4.93.

Early this morning Russia's President Putin stated there was a chance of the peace deal with Ukraine.

USDA released Export Sales data this morning with old crop seen at net cancellations of 829,569 MT, well short of trade ideas of between net cancellations of 200,000 MT and sales of 200,000 MT for 2025/26 corn. That was a marketing year low. New crop 2026/27 bookings exceeded the expected range of 500,000 MT to 1.6 MMT estimates for the week ending on August 27, at 1.986 MMT. That was a marketing year high but 6.2% below the same week last year.

Census data was released this morning, showing 7.48 MMT (294.4 mbu) of corn shipped in July, a record for the month. That was a 22.63% increase from last year but a 5.65% drop from June. Distillers exports were 1.1 MMT, up 3.84% from last year. Ethanol shipments in July totaled 199.5 million gallons, which was a record for the month.

An Allendale producer survey estimates the US corn yield at 178.7 bpa, with production at 15.833 bbu.

Sep 26 Corn is at $5.15, down 3 3/4 cents

Nearby Cash is at $4.93, down 5 3/4 cents

Dec 26 Corn is at $5.38 1/4, down 5 1/4 cents

Mar 27 Corn is at $5.53 1/4, down 5 cents

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com