Corn futures are failing to see much upward movement following some friendlier USDA data from this morning. Contracts are down 2 to 5 cents across the front months at midday. The front month CmdtyView national average Cash Corn price is down 2 ¼ cents at $3.83. 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.
Jul 25 Corn is at $4.02 1/2, down 4 3/4 cents,
Nearby Cash is at $3.83, down 2 1/4 cents,
Sep 25 Corn is at $3.97, down 2 1/4 cents,
Dec 25 Corn is at $4.13 1/2, down 3 cents,
New Crop Cash is at $3.73 3/4, down 2 1/2 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
