Corn price action is down 1 to 2 cents across most contracts on Friday morning. Futures were mixed on Thursday with most contracts steady to a couple cents higher and nearby, thin July down 5 ¼ cents. Traders were squaring up ahead of USDA’s report on Friday. Preliminary open interest was down 4,834 on Thursday. There were 33 deliveries issued against July futures overnight. The front month CmdtyView national average Cash Corn price was unchanged at $3.85 1/4.

USDA reported a private export sale of 110,000 MT of corn to unknown destinations on Thursday morning, all for new crop.

Export Sales data showed old crop corn bookings at 1.262 MMT for the week ending on July 7/3. That was an 8-week high for sales and more than double the same week last year and the week prior. Mexico was the largest buyer at 469,900 MT, with 436,200 MT sold to Japan. New crop sales for that week at 888,562 MT. That was down from the week prior but still the second largest so far this year. The top buyer was Mexico at 423,900 MT, with Japan in for 304,800 MT. 

A survey of traders by Bloomberg shows estimated corn stocks for old crop at 1.351 billion bushels ahead of this morning’s USDA report, a 14 mbu reduction from June if realized. New crop production is expected to be trimmed by 75 mbu via fewer acres to 15.746 bbu. That would help to tighten the new crop stock estimate to an average of 1.721 bbu (vs. 1.75 bbu in June). That survey shows estimated production out of Brazil at 132.3 MMT. 

Jul 25 Corn  closed at $4.07 1/4, down 5 1/4 cents, currently down ¾ cent

Nearby Cash  was $3.85 1/4, down 0 cent,

Sep 25 Corn  closed at $3.99 1/4, unch, currently down 1 1/2 cents

Dec 25 Corn  closed at $4.16 1/2, up 1 cent, currently down 2 cents

New Crop Cash  was $3.75 1/8, up 1/2 cent,