Corn prices are down 5 to 8 cents at midday on Thursday amid a sharp slide in overall ag commodity prices and poor weekly export sales numbers. Futures had posted gains of 5 to 9 cents yesterday, getting spillover support from near limit gains in wheat. Open interest was up 7,799 contracts on Wednesday, suggesting net new buying. The CmdtyView national average Cash Corn price was down 8 at $4.09 1/2.
USDA’s weekly Export Sales report this morning fell short of the trade estimated range of 500,000 to 1 MMT for old crop corn export business in the week of July 9. It showed just 314,962 MT. That was a MY low but still more than triple the same week last year. Sales for 2026/27 were on the lower side of the 0.3-1.1 MMT expectations at 311,222 MT. That was a 6-week low and took the accumulated new crop commitments to 6.859 MMT, 14.5% above the same time last year.
