Corn Futures Reversal: Prices Decline After Gaining Ground
Corn futures are trading lower on Thursday, reversing from gains made on Wednesday. At midday, contracts were 6 to 7 cents lower than the previous day's prices. The CmdtyView national average Cash Corn price also declined by 6 3/4 cents to $4.21 1/2.
Export Sales data for the week of August 6 showed a total of 410,748 MT sold in old crop, exceeding trade ideas that ranged from net cancellations of 100,000 MT to sales of 400,000 MT. This was a 5-week high and significantly higher than last year's net cancellations. New crop sales were at 924,532 MT, within the middle of estimates calling for between 0.8-1.4 MMT.
The Crop Production report from NASS showed yield at 180.7 bpa, with planted acreage raised by 1.4 million acres to 96.7 million acres and harvested up 1.2 to 88.6 million acres. Prevent plant acres for corn were at 1.355 million acres, according to FSA data.
Production was estimated at 16.013 bbu, exceeding the July WASDE number by 13 mbu and nearly 80 mbu above estimates. Ending stocks for 2025/26 were down 75 mbu from last month due to an increase in exports to 1.945 bbu.
Brazil's production was increased to 140 MMT, while Argentina remained at 63 MMT. The Rosario Grains Exchange raised their projection by 2.5 MMT to 70.5 MMT for the new crop year.