Corn futures failed to see much buying post-USDA data release on Friday, as futures slipped into the close with losses of 3 to 5 cents. September closed out the week with a loss of 24 ¼ cents, as December was down 24 ¾. The front month CmdtyView national average Cash Corn price was down 3 cents at $3.82 1/4. Late on Thursday, President Trump announced a 35% tariff on Canadian goods excluding USMCA compliant products starting on August 1.
Rains are in the forecast for the next week in the Central Corn Belt, with the northern part of the ECB nearly 1 inch.
USDA’s balance sheets saw some adjustments this morning, with the old crop side seeing a 75 mbu drop to feed and residual, but a 100 mbu increase to exports. That took the carryout for 2024/25 to 1.35 bbu, 25 mbu lower. That translated to the new crop side, with production down 115 mbu to 15.705 bbu on the lower acreage total, with that yield left at 181 bpa. Feed and residual was also trimmed for new crop on the tighter supplies, with stocks down 90 mbu to 1.66 bbu.
USDA also raised their Brazilian projection, as expected, but to 132 MMT, a 2 MMT increase. World stocks for 2025/26 were tightened with the lower US number, down 3.16 MMT to 272.08 MMT.
The Friday afternoon Commitment of Traders report from CFTC showed speculators trimming 2,602 contracts from their large net short position in corn futures and options as of July 8. That net short stood at 203,861 contracts as of Tuesday. Commercials added a 3,650 contracts to their small net short position of 30,181 contracts.
Jul 25 Corn closed at $4.03, down 4 1/4 cents,
Nearby Cash was $3.82 1/4, down 3 cents,
Sep 25 Corn closed at $3.96, down 3 1/4 cents,
Dec 25 Corn closed at $4.12 1/4, down 4 1/4 cents,
New Crop Cash was $3.71 1/4, down 4 cents,
