On July 25, corn prices experienced mixed results with the nearby July contract closing at $4.07 1/4, down 5 1/4 cents, while the CmdtyView national average Cash Corn price remained unchanged at $3.85 1/4. These fluctuations occurred ahead of the USDA report scheduled for July 28.
In a significant development, the USDA announced a private export sale of 110,000 MT of corn destined for unknown locations, all attributed to the new crop. Additionally, export sales data indicated old crop corn sales reached 1.262 MMT for the week ending July 3, an 8-week high, while new crop sales totaled 888,562 MT, led by Mexico and Japan as the largest buyers.
Furthermore, CONAB estimates indicated Brazil’s corn crop would be 131.97 MMT, reflecting an increase, with Bloomberg forecasting 132.3 MMT in production.
