Corn futures fell 2 to 3 cents Thursday morning after rallying to three‑year highs on Wednesday. Wednesday’s contracts closed 10 to 13.5 cents higher, while open interest declined by 5,593 contracts, with the September series accounting for most of the drop (‑33,850). Positive support came from spillover strength in wheat and concerns over U.S. crop supplies, lifting the CmdtyView national average cash corn price another 13.5 cents to $4.85.
Export sales data for the week ending August 20 is due out Thursday. Analysts expect net sales of 400,000 MT after a 200,000 MT reduction, with new‑crop bookings projected between 0.6 and 1.6 MMT.
Separately, the EIA reported Wednesday that U.S. crude oil production rose 23,000 barrels per day to 1.112 million bpd. Stock levels increased modestly by 85,000 barrels to 25.2 million barrels. Refiner input volumes fell 3,000 barrels to 923,000 barrels, while exports climbed 33,000 barrels to 162,000 barrels.
Key corn price quotes: Sep 2026 contract at $5.14 (‑2 c), nearby cash at $4.85 (up 13.5 c), Dec 2026 at $5.365 (‑2 c), Mar 2027 at $5.5075 (‑2.5 c) and new‑crop cash at $4.8906 (up 13.75 c).
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