Corn Prices Tumble with Marginal Losses on Opening Day
The corn market opened Thursday with marginal losses, as prices dropped by 1 to 2 cents. The futures contracts closed down a penny at $5 ¾ cents on Wednesday, continuing the pressure seen in previous days.
The front months took the brunt of the hit, with open interest dropping 12,845 in the September contracts as some rolls began. Meanwhile, the rest of the board saw an increase of 15,476 contracts, indicating new selling interest.
Traders are eagerly awaiting the release of Export Sales data from the USDA, which is expected to show 200,000 to 600,000 MT of old crop corn sales in the week ending on July 30. For the 2026/27 season, sales are seen at 0.7-1.2 MMT.
The Weekly EIA data showed a decrease in ethanol production by 26,000 bpd to 1.107 million barrels per day in the week of July 31. Stocks drew down by 202,000 barrels to 24.524 million barrels. Ethanol exports increased by 63,000 bpd to 200,000 bpd.
The NOAA's 7-day QPF forecast indicates heavy rains across parts of IA, MO, IL, IN, WI, MI, and OH over the next week, with totals nearing 1 to up to 4 inches in some locations.