Corn bulls found their footing on Friday following friendlier than expected USDA data. Contracts were up 2 ½ to 10 ¼ cents across the board, led by the front months. September was 16 ½ cents higher this week, with December up 19 ½ cents. The CmdtyView national average Cash Corn price was 7 3/4 cents higher at $4.09 1/2.
The monthly WASDE report from this morning showed US corn stocks for 2025/26 down 125 mbu from last month to 2.02 bbu. That was mainly due to a 150 mbu increase to feed and residual and a 25 mbu cut to ethanol. New crop carryout saw a larger than expected drop, down 170 mbu to 1.790 bbu, due to the lower carryover and a 50 mbu increase in exports.
World corn stocks were trimmed by 5.96 MMT to 275.26 MMT. That came mostly from the US cut, as well as a 1 MMT drop to China on a smaller old crop number. EU production was down 3.72 MMT to 53.78 MMT. Coceral trimmed their EU and UK corn production number by 4.5 MMT to 52.7 MMT. Argentina 2025/26 output was raised by 2 MMT to 63 MMT.
Heading into the weekend the NOAA 7-day QPF shows 1 to 3 inches expected in a band from MO through the southern half of IL/IN/OH for the next week. The west remains dry for much of NE, the Dakotas, MN, and IA.
CFTC data released on Friday afternoon showed managed money flipping back to a net long in corn futures and options in the week of July 7, mainly on short covering. That flip was by 58,868 contracts to a net long of 12,659 contracts.
Jul 26 Corn closed at $4.38, up 10 1/4 cents,
Nearby Cash was $4.09 1/2, up 7 3/4 cents,
Sep 26 Corn closed at $4.39 1/2, up 8 cents,
Dec 26 Corn closed at $4.61, up 9 cents,
New Crop Cash was $4.11 3/8, up 8 1/4 cents,
