As of Wednesday morning, corn is trading down 3 to 4 cents, continuing a decline from Tuesday’s close where contracts fell 3 to 5 ¼ cents. The CmdtyView national average cash corn price has dropped to $3.93 1/4. On Tuesday, preliminary open interest increased by 35,549 contracts, though July contracts saw a decline of 41,151 contracts ahead of the first notice day (FND) on Monday.
The USDA reported a private export sale of 630,000 metric tons of corn to Mexico, with 554,400 MT allocated for the 2025/26 season and 75,600 MT for 2026/27. Additionally, ANEC estimates Brazilian corn exports in June at 828,959 MT, a decrease from a previous estimate of 913,316 MT. Conversely, AgroConsult raised Brazil’s second crop corn estimate to 123.3 million metric tons, reflecting a significant 10.4 million metric ton increase from last month. A South Korean importer also purchased 266,000 MT of corn in a recent tender.
In terms of futures, July corn closed at $4.16 1/4, down 3 cents, while September and December corn are trading at $4.12 1/4 (down 5 1/4 cents) and $4.29 (down 4 3/4 cents) respectively.
