**Corn Market Update – July 26, 2023**
Corn futures are experiencing losses between 1 to 2.5 cents, with the national average cash corn price reported at $3.79 1/4, down 1 3/4 cents. The USDA announced a private export sale of 100,000 metric tons (MT) of corn to Mexico, comprising 30,000 MT for old crop and 70,000 MT for new crop.
As of June 21, 97% of the U.S. corn crop had emerged, aligning with the five-year average, and 5% of the crop is currently silking, which is 2 points ahead of normal. The U.S. condition ratings are stable at 68% in good to excellent condition. Notable improvements were reported in Indiana (up 17 points) and Missouri (up 5 points), while declines were noted in Ohio (down 14 points) and Illinois (down 7 points).
The CFTC Commitment of Traders report indicates that managed money increased their net short positions in corn futures and options by 41,102 contracts, bringing the total to 46,427 contracts. Additionally, President Trump mentioned that unfrozen Iranian funds will be used to purchase U.S. agricultural products, including corn. Historical data shows Iranian corn imports for 2025/26 at approximately 9.5 million MT, fluctuating between 6.8 to 9.8 million MT over the past decade.
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