Corn Futures Decline as Export Sales Fall Short of Expectations

Corn futures are trading 2 to 4 ¼ cents lower on Thursday, with 88 deliveries issued against July contracts overnight. The CmdtyView national average cash corn price has slipped 3 ¾ cents to $4.00 1/4.

Export Sales Miss Market Expectations

■The USDA's Export Sales report revealed 565,810 MT of old crop corn bookings for the week of July 2, falling short of trade expectations for 0.6-1.1 MMT.

■This marks the second-lowest weekly total for the marketing year and represents a 55.2% year-over-year decline.

■New crop corn sales totaled 401,667 MT, below the anticipated 600,000-900,000 MT range and down 44.8% from last year.

Weather Outlook for Growing Regions

■NOAA's 7-day QPF forecasts 1-2 inches of rain primarily south of I-80, covering parts of IN, OH, IL, and MO, while NE, the Dakotas, MN, IA, and WI remain dry.

■The 8-14 day outlook suggests a drier pattern for major growing regions, with above-normal temperatures increasing.

Upcoming WASDE Report Insights

■Analysts surveyed by Bloomberg expect old crop corn stocks to drop 66 million bushels to 2.079 billion bushels.

■New crop carryout is projected to decline by 61 million bushels to 1.899 billion bushels.

Bora Yalın Note: The pullback in corn prices reflects waning risk-on sentiment amid supply concerns. Ukraine's unchanged 30 MMT production forecast adds uncertainty to global supply chains. Investors navigating liquidity crunches may view agricultural commodities as defensive assets. Anticipate sharper volatility post-WASDE as markets recalibrate positions ahead of August.