Corn price action is down 1 to 1 1/2 cents so far on Thursday. Futures posted a slight bounce back on Wednesday, with contracts fractionally to 2 ½ cents in the green at the close. Preliminary open interest showed a rotation of ownership, down just 390 contracts on the midweek session. The CmdtyView national average Cash Corn price was up 2 1/2 cents at $3.74 3/4.
Late on Wednesday, President Trump announced a trade deal with South Korea, setting the US tariff on South Korean goods at 15%.
Weekly ethanol production was tallied at 1.096 million barrels per day during the week of July 25, up 18,000 bpd from the week prior. Stocks were up 272,000 barrels to 24.716 million. Ethanol exports rose to a 6-week high at 154,000 bpd, with refiner inputs of ethanol up 3,000 to 920,000 bpd.
Traders expected the Thursday morning Export Sales report to show 200,000 to 800,000 MT of 2024/25 corn sold in the week ending on July 24. New crop is expected to be between 0.6 and 1.6 MMT in bookings.
Brazil’s corn crop for 2025/26 is estimated at 140.9 MMT according to Datagro.
Sep 25 Corn closed at $3.91 3/4, up 2 1/2 cents, currently down 1 cent
Nearby Cash was at $3.74 3/4, up 2 1/2 cents,
Dec 25 Corn closed at $4.12 1/4, up 1 1/4 cents, currently down 1 1/4 cents
Mar 26 Corn closed at $4.29 1/2, up 3/4 cent, currently down 1 1/2 cents
New Crop Cash was at $3.79 1/2, up 1 1/4 cents,
