Corn futures experienced losses of 5 to 6 cents across most contracts on Thursday, with the CmdtyView national average cash corn price down 5 cents to $3.81 1/4. The USDA’s Export Sales report revealed 1.00 million metric tons (MMT) of old crop corn sales for the week of June 4, a 13.3% increase from the previous week and a 26.4% rise from the same week last year. In addition, new crop sales were reported at 926,645 MT, surpassing trade estimates and increasing total new crop business to 4.124 MMT, a 31.6% rise compared to last year.
The USDA’s monthly WASDE report indicated old crop US ending stocks at 2.145 billion bushels, marking a 3 million bushel increase from last month. Brazil’s corn production was raised to 138 MMT, and Argentina’s was increased to 61 MMT. Additionally, world ending stocks for 2025/26 are projected to be up 6.41 MMT to 303.36 MMT, driven by increased global supplies.
Weather forecasts predict rainfall totals of 1 to 4 inches across much of the Central Corn Belt, particularly affecting regions from Iowa and Wisconsin to Illinois, Indiana, and Minnesota, while Missouri may see heavier precipitation.
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