Key Moments
- Front-month corn futures are up 1 to 2 cents early Wednesday after closing lower on Tuesday through September 2027.
- USDA confirmed a 100,000 MT corn sale to Mexico, split between old-crop and new-crop shipments.
- US corn crop conditions held steady at 68% good to excellent, with notable state-by-state shifts in ratings.
Early Wednesday Trade and Previous Session Overview
Corn futures are posting moderate gains early Wednesday, with front-month contracts trading 1 to 2 cents higher. This follows a mixed performance on Tuesday, when contracts through September 2027 finished between 1 and 2 1/4 cents lower, while longer-dated contracts settled from fractionally higher to up 2 1/4 cents.
Total open interest declined by 14,813 contracts on Tuesday, with most of the reduction concentrated in the July contract. The CmdtyView national average Cash Corn price declined by 1 3/4 cents to $3.79 1/4.
Export Activity: Private Sale to Mexico
The USDA reported on Tuesday a private export sale of 100,000 MT of corn to Mexico. Of that volume, 30,000 MT was designated for old-crop delivery and 70,000 MT for new-crop delivery.
US Crop Progress and Condition Ratings
According to Monday’s Crop Progress report, 97% of the US corn crop had emerged by June 21, matching the 5-year average. The report also showed that 5% of the crop had reached the silking stage, 2 percentage points ahead of the typical pace.
National condition ratings held steady, with 68% of the crop rated in good to excellent condition compared to the prior week. The Brugler500 index was unchanged at 373.
State-level changes in condition scores showed notable variation. Indiana improved by 17 points, Kansas was up 1 point, Missouri gained 5 points, and Nebraska increased by 9 points. Deterioration was reported in several key producing states, including Illinois down 7 points, Iowa down 5, Minnesota down 4, North Dakota down 1, and Ohio down 14.
Policy Developments and Trade Prospects
On Monday, President Trump indicated that unfrozen Iranian funds will be directed toward purchases of US agricultural products, including corn. He repeated that assertion in a media post overnight. The article noted that Iranian corn imports in 2025/26 were 9.5 MMT, with volumes over the last decade ranging from 6.8 to 9.8 MMT.
Corn Market Snapshot
The following table summarizes recent corn futures and cash price movements, including Tuesday’s closes and current early Wednesday indications where provided:
| Contract / Price | Tuesday Close | Change vs. Prior Close | Current Indication | Current Change |
|---|---|---|---|---|
| Jul 26 Corn | $4.09 3/4 | down 1 3/4 cents | currently up 1 1/4 cents | +1 1/4 cents |
| Nearby Cash | $3.79 1/4 | down 1 3/4 cents | – | – |
| Sep 26 Corn | $4.17 3/4 | down 2 cents | currently up 1 3/4 cents | +1 3/4 cents |
| Dec 26 Corn | $4.37 1/4 | down 2 1/4 cents | currently up 1 1/2 cents | +1 1/2 cents |
| New Crop Cash | $3.92 3/4 | down 2 cents | – | – |
Disclosure
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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