Corn Prices Recover Ground as Traders Eye Yield Cuts
Corn prices are rising on Thursday morning after ending the previous session in negative territory. The futures contracts slipped between 3 to 5 ¾ cents on Wednesday, but opened with a gain of 4 to 5 cents on Thursday.
The Open Interest (OI) saw an increase of 15,233 contracts on Wednesday, mainly in July, while December OI dropped by 13,755 contracts. The CmdtyView national average Cash Corn price was down 5 3/4 cents at $4.81.
A private export sale of 182,880 MT of corn to Mexico was reported by the USDA on Wednesday morning for shipment in 2026/27. Bloomberg's survey of traders indicates that they expect the USDA to cut the yield average by 2.6 bpa, down to an average of 178.1 bpa.
Argentine crop estimates are also rising, with a range of 67.5 to 70.5 MMT for the 2026/27 season according to the Rosario Grains Exchange, up from their previous estimate of 66 MMT.