Corn prices in Chicago settled 2 ¼ to 4 ¾ lower on Friday, with old crop July the weakest as the July options expired and a July 430 pin was unsuccessful. The front month cmdtyView national average Cash Corn price is down 5 1/4 cents today at $4.05.
The weather outlook for next week has some heavy rains from NE, the southeast corner or SD, MN, WI and parts of MI totaling from 1 to up to 5 inches in some parts. The Southern Plains, through MO and the Eastern Corn Belt is looking at smaller totals. Heat is expected to hit much of the Corn Belt, with the 5-10 day looking 7-15˚F above average in the ECB. Daytime highs above 100 degrees F are seen this weekend in the Plains and WCB but will moderate by early next week.
Export Sales data from USDA this morning showed a total of 903,792 MT of 2024/25 corn booked in the week of June 12, in the middle of the trade estimates at 600,000 MT to 1.2 MMT. That was back up from the week prior by 14.2%, and 76.7% larger than the same week last year. New crop business was tallied at 154,998 MT, on the high side of 0-200,000 MT expectations. USDA also announced a sale of 124,000 MT of corn to “Unknown destinations” under the daily reporting system this morning.
Jul 25 Corn closed at $4.28 3/4, down 4 3/4 cents,
Nearby Cash was $4.05 1/1, down 5 1/2 cents,
Sep 25 Corn closed at $4.25 1/2, down 3 1/2 cents,
Dec 25 Corn closed at $4.41 1/4, down 2 3/4 cents,
New Crop Cash was $3.97 1/8, down 4 cents,
