Corn Futures Sustain Gains as Export Data and Weather Outlook Draw Focus

Corn futures extended Wednesday’s advance into Thursday’s morning session, rising 2 to 3 cents after the previous day’s 5- to 9-cent rally across the board. Strength spilled over from near-limit gains in wheat, while open interest climbed by 7,799 contracts, signaling fresh buying interest. The CmdtyView national average cash corn price rose 9 cents to $4.17 3/4 per bushel.

Market attention turns to the USDA’s weekly Export Sales report, due Thursday morning. Analysts anticipate old-crop bookings of 0.5 to 1.0 million metric tons for the week ended July 9, with new-crop 2026/27 sales estimated between 0.3 and 1.1 million metric tons.

Weather patterns remain a key driver. NOAA’s seven-day quantitative precipitation forecast shows predominantly dry conditions across the Western Corn Belt, with only trace amounts expected for Minnesota, Iowa, Nebraska, Missouri, and the Dakotas. The Eastern Corn Belt fares better, with 0.5 to 1.5 inches projected for portions of Illinois, Indiana, and Ohio.

Ethanol fundamentals softened in the latest EIA data. Production averaged 1.04 million barrels per day for the week ended July 10, down 53,000 bpd from the prior week. Inventories rose 463,000 barrels to 24.391 million barrels. Exports fell sharply by 119,000 bpd to 81,000 bpd, while refiner net input edged up 5,000 bpd to 906,000 bpd.

Key Contracts (Thursday AM):

• Sep 2026 Corn: $4.47 1/2 (+9¢ close, +2 3/4¢ current)
• Nearby Cash: $4.17 3/4 (+9¢)
• Dec 2026 Corn: $4.69 1/4 (+8 3/4¢ close, +3 1/4¢ current)
• Mar 2027 Corn: $4.84 (+8 1/4¢ close, +3¢ current)
• New Crop Cash: $4.20 3/4 (+9¢)

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