Corn futures declined by 5 to 8 cents at midday on Thursday, pressured by a widespread slump in agricultural commodities and disappointing weekly export figures. While prices had gained 5 to 9 cents yesterday—aided by spillover support from significant gains in wheat—the momentum has shifted. Open interest rose by 7,799 contracts on Wednesday, indicating net new buying, yet the CmdtyView national average cash corn price fell by 8 cents to $4.09 1/2.
The USDA’s weekly Export Sales report released this morning missed trader expectations. For the week of July 9, old crop corn exports reached only 314,962 MT, falling well below the projected range of 500,000 to 1 MMT. Although this represents a market year low, it remains more than triple the volume recorded during the same week last year. Meanwhile, 2026/27 sales reached 311,222 MT, landing on the lower end of the expected 0.3-1.1 MMT range. This marked a six-week low, bringing accumulated new crop commitments to 6.859 MMT, which is 14.5% higher than last year’s levels.
Weather patterns for the Western Corn Belt are expected to remain relatively dry over the next week. According to NOAA’s 7-day QPF, most of Minnesota, Iowa, Nebraska, Missouri, and the Dakotas will see only trace amounts of precipitation. Conversely, the Eastern Corn Belt may see slightly higher moisture, with 0.5 to 1.5 inches of rain forecasted for parts of Illinois, Indiana, and Ohio.
On the global front, the IGC has lowered its 2026/27 world corn production forecast by 4 million metric tonnes (MMT) to 1.306 billion tonnes. Specifically, the French crop forecast was reduced by 3 MMT due to heat stress impacting potential yields.
Sep 26 Corn is at $4.40 1/4, down 7 1/4 cents,
Nearby Cash is at $4.09 1/2, down 8 cents,
Dec 26 Corn is at $4.63, down 6 1/2 cents,
Mar 27 Corn is at $4.78 1/2, down 5 3/4 cents,
New Crop Cash is at $3.68 1/4, down 4 cents,