Corn prices are down 5 to 8 cents this morning as we kick off a new week. Futures contracts were up 4 to 7 ¾ cents across the board on Friday. Preliminary open interest showed some net new buying, up 2,588 contracts. Rains over the next week will be focused mostly in the ECB, with Hurricane Beryl bringing rains from the Gulf through MO and IL, and potentially into parts of IN and OH. Nebraska saw some widespread hail damage over the weekend, but that failed to impress futures traders on Sunday night.
There were zero deliveries against July corn futures overnight. The oldest dated long is from June 27.
Friday morning's Export Sales report indicated 357,152 MT in old crop corn bookings during the week of 6/27. That was 34.1% below the previous week and a 12-week low. Unknown destinations was the top buyer of 138,400 MT, with 78,800 MT sold to Columbia. New crop sales totaled 311,538 MT in that week, on the higher end of the 0-400,000 MT expectations. Much of that was to Mexico (301,800 MT).
Brazil’s corn exports totaled 850,892 MT during June according to trade ministry data, a 17.74% drop from the same month last year.
Jul 24 Corn closed at $4.11 1/4, up 7 3/4 cents, currently down 5 1/4 cents
Nearby Cash was $3.97 1/4, up 5 1/4 cents,
Sep 24 Corn closed at $4.10 1/2, up 5 cents, currently down 7 1/4 cents
Dec 24 Corn closed at $4.24, up 4 1/2 cents, currently down 6 1/2 cents
New Crop Cash was $3.85 5/8, up 4 3/4 cents,
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