Corn prices are staring off July with losses of ¼ to 4 ¼ cents Futures collapsed on Friday, as USDA data was less than friendly for the bulls with larger stocks and acreage estimates. Contracts settled down 10 to 16 1/2 cents across most 2024 and 2025 months.  Preliminary open interest showed long liquidation for July and September futures, but net new selling of new crop.  Overall, OI dropped a modest 1,191 contracts. September was down 46 ½ cents on the month, with 33 cents of that last week. 

There were moderate delivery notices vs. July corn over the weekend, at 721. Bunge stopped 240 for the house account. 

USDA’s Acreage report showed 91.475 million planted corn acres. That was a 1.44 million acre increase from the March Prospective Plantings report and 1.1 million acres above the average trade guess. NASS did indicated 3.356 million acres were left to be planted as of the survey closure on June 16, the second largest for this report since they began reporting the data in 2020. 

The Grain Stocks report showed 4.993 bbu of corn on June 1, which is 890 mbu above a year ago. That was near the top end of pre-report trade guesses.

CFTC data showed spec traders in corn futures and options adding 86,204 contracts to their net short position as of June 25 at 277,666 contracts. 

Jul 24 Corn  closed at $3.97 1/4, down 16 1/2 cents, currently down ¼ cents

Nearby Cash  was $3.88, down 14 1/2 cents,

Sep 24 Corn  closed at $4.07 1/2, down 15 cents, currently down 4 ¼ cents

Dec 24 Corn  closed at $4.20 3/4, down 13 cents, currently down 4 cents

New Crop Cash  was $3.84, down 14 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.