Corn futures fell approximately 7 cents per bushel this morning, following a previous close that was 6 to 7 cents higher on Friday. The CmdtyView national average new crop cash corn price is currently $3.78. Preliminary open interest rose by 10,834 contracts on Friday, suggesting limited short covering alongside some new longs.
USDA Grain Inspections reported that 983,625 metric tons (MT) of corn were inspected for export for the week ending July 17, a decline from 991,257 MT the previous year and significantly lower than 1.314 million MT shipped the prior week. Year-to-date inspections total 58.718 million MT (approximately 2.315 billion bushels), which is up 28.9% from this time last year.
