Corn futures continued to sell off ahead of Friday’s USDA Grain Stocks and Planted Acreage reports, losing 1 ¾ to 6 ¼ cents. The Drought Monitor did show some dryness expanding into the D1 stage for portions of the Eastern Corn Belt, but forecasts also provide some relief for that area over the next week. 

This morning’s Export Sales report revealed just 542,177 MT of old crop corn sold in the week that ended on June 20. That was slightly above last week but still on the low end of the trade range of estimates. Mexico bought the bulk of it, at 453,700 MT, as Japan followed up with 137,800 MT in net purchases. There were a total of 277,700 MT in net reductions from unknown on switches to destinations. New crop sales picked up from the week prior to a 4-week high at 139,298 MT, in the middle of the 0 to 200,000 MT estimates.

Acreage data from Stats Canada this morning showed 3.64 million corn acres across the country this year, down 4.8% from a year earlier. The Buenos Aires Grain Exchange estimates the Argentine corn harvest is now 55% complete. World ending stocks for corn were left unchanged in the International Grains Council update on Thursday at 281 MMT, with a 3 MMT increase to production being offset by an increase to estimated consumption. 

Jul 24 Corn  closed at $4.13 3/4, down 6 1/4 cents,

Nearby Cash  was $4.02 5/8, down 5 cents,

Sep 24 Corn  closed at $4.22 1/2, down 3 cents,

Dec 24 Corn  closed at $4.33 3/4, down 2 3/4 cents,

New Crop Cash  was $3.99 5/8, down 3 3/4 cents,
On the date of publication, Alan Brugler 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. For more information please view the Barchart Disclosure Policy here.