Corn prices declined by 5 to 8 cents this morning as trading began for the week, following a Friday surge of 4 to 7 ¾ cents in futures contracts. Preliminary open interest revealed an increase of 2,588 contracts, suggesting new buying interest. Rain from Hurricane Beryl is anticipated to affect the Eastern Corn Belt, while Nebraska experienced hail damage over the weekend, which did not sway futures traders.
Friday’s Export Sales report showed 357,152 metric tons (MT) of old crop corn sales during the week of June 27, marking a 34.1% drop from the previous week and a 12-week low. The top buyer was an unidentified destination, purchasing 138,400 MT, while new crop sales reached 311,538 MT, with Mexico as the primary importer (301,800 MT). In comparison, Brazil’s corn exports in June totaled 850,892 MT, representing a 17.74% decrease from the same month last year.
As of today, July 24 Corn is trading at $4.11 1/4, down 5 1/4 cents, with Nearby Cash at $3.97 1/4. September 24 Corn closed at $4.10 1/2, down 7 1/4 cents, and December 24 Corn at $4.24, down 6 1/2 cents.
