Corn price action held up for the most part on Thursday, with contracts closing just fractionally to 1 ¼ lower. Nearby Sep closed down ¾ to $3.82, with December down 1 ¼ to $3.98 ½.

This morning’s Export Sales report indicated 167,864 MT of corn sold for old crop shipment in the week that ended on July 25. That was marketing year low and shy of estimates of 275,000 MT to 600,000 MT. New crop bookings totaled 710,888 MT, on the higher side of the expected 400,000 to 800,000 MT for that week and the second largest total for the MY. Mexico (218,300 MT) and unknown destinations (213,700 MT) were the top buyers.

Monthly Grain Crushings data showed a total of 442.35 mbu of corn used for ethanol production during June. That was a slight improvement over June 2023, but a drop of 2.9% from May. 

Brazil’s total 2024/25 corn crop is estimated at 123.14 MMT according to StoneX, a slight increase from the 23/24 projection at 121.8 MMT. The firm also expects the US corn crop to average 182.3 bpa this year, with a crop size a 15.207 bbu.

Sep 24 Corn  closed at $3.82, down 3/4 cent,

Nearby Cash  was $3.72 1/4, down 1/2 cent,

Dec 24 Corn  closed at $3.98 1/2, down 1 1/4 cents,

Mar 25 Corn  closed at $4.15 1/4, down 1/2 cent,

New Crop Cash  was $3.62 3/8, up 1 3/4 cents,