Corn Bulls Still Facing Weakness but Pushing Off Early Lows

Corn futures are experiencing losses of 3 to 6 cents midday on Thursday, with prices 10 cents below their lowest point. Overnight, there were 114 deliveries issued against September corn. The national average Cash Corn price, according to CmdtyView, has dropped 5 3/4 cents to $4.93. Russian President Putin indicated there might be a possibility for a peace agreement with Ukraine.

Coffee prices plummeted sharply due to supply pressures. In a Barchart Brief newsletter, USDA reported net cancellations of 829,569 metric tons of old crop, which is significantly lower than the expected range of 200,000 to 200,000 metric tons for 2025/26 corn. This was a record low. New crop bookings for 2026/27 surpassed the estimated range of 500,000 to 1.6 million metric tons, standing at 1.986 million metric tons, a marketing year high but 6.2% lower than the same week last year.

This morning, Census data revealed 7.48 million metric tons of corn shipped in July, setting a record for the month. This was a 22.63% increase compared to last year but a 5.65% decline from June. Distillers exports in July amounted to 1.1 million metric tons, representing a 3.84% increase from the previous year. Ethanol shipments in July hit a record 199.5 million gallons.

An Allendale producer survey predicts a US corn yield of 178.7 bushels per acre, with total production at 15.833 billion bushels.