Corn Pit Sep '26 (CU26)

Corn futures are still feeling pressure from wet weather and lofty supply expectation, as contracts are down 2 to 4 cents at midday. Preliminary open interest showed long liquidation for July and September futures, but net new selling of new crop.  Overall, OI dropped a modest 1,191 contracts. There were moderate delivery notices vs. July corn over the weekend, at 721.  Bunge stopped 240 for the house account. 

Export Inspections data showed a slowdown in weekly corn shipments during the week of June 27 to 819,577 MT (32.27 mbu). That was a 28.91% drop from the week prior, but still 21.26% larger than the same week last year. Japan was the lead destination in that week at 224,005 MT, with 198,714 MT headed to Mexico, and 145,597 MT to Taiwan. Accumulated export shipments are now 42.48 MMT (1.672 bbu), which is a 28.09% increase from the year prior. 

A Bloomberg survey estimates the US corn conditions will be down 1% to 68% gd/ex this afternoon, with a range from 64 to 71... Read more