Corn futures are slipping another 1 to 3 cents lower on Thursday. Midday action continues to be pressured by wet forecasts and few bulls wanting to step in ahead of Friday’s reports. The Drought Monitor did show some dryness creeping into the D1 stage in portions of the Eastern Corn Belt, though forecasts do provide some releif. 

This morning’s Export Sales report tallied 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 at 0.4 to 1.1 MMT. Mexico bought a bulk of the total, at 453,700 MT, as Japan followed up with 137,800 MT in net purchases, as there was 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. 

Jul 24 Corn is at $4.17 1/2, down 2 1/2 cents,

Nearby Cash is at $4.05 3/4, down 1 3/4 cents,

Sep 24 Corn is at $4.24 1/2, down 1 cent,

Dec 24 Corn is at $4.35 1/4, down 1 1/4 cents,

New Crop Cash is at $4.01 5/8, down 1 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.