Corn futures closed with contracts fractional to 1 ½ cent gains across most contracts. The front month CmdtyView national average Cash Corn price was up 1 1/2 cents at $4.15. A wet forecast over the next week across the Corn Belt limited much upside movement for the new crop contracts. 

Weekly Export Sales data indicated a total of 791,327 MT of old crop corn sold in the week of June 5. That was a 9-week low. Japan was the largest buyer of 376,200 MT, with 164,400 MT sold to Mexico, and 142,500 MT to Colombia New crop sales were at net reductions of 29,550 MT.

The monthly WASDE report from the USDA showed a 50 million bushel increase to the US export projection. That dropped the old crop US ending stocks figure by the same amount to 1.365 billion bushel and was below the average trade guess calling for a 23 mbu cut. New crop carryout was cut by that same amount on the smaller carryover, to 1.75 bbu. On the World side, the 2024/25 ending stocks were down 2.25 MMT to 285.04 MMT. New crop stocks for the world were down 2.6 MMT to 275.24 MMT. 

South American crop estimates were unchanged, with Argentina at 50 MMT and Brazil left at 130 MMT vs. estimate calling for a 1.8 MMT hike. CONAB data released this morning showed the Brazilian corn crop estimate at 128.25 MMT, a 1.38 MMT increase from the prior estimate on a 1.2 MMT jump to the second crop number.

Jul 25 Corn  closed at $4.38 1/2, up 1 1/2 cents,

Nearby Cash  was $4.15, up 1 1/2 cents,

Sep 25 Corn  closed at $4.26 1/4, up 1 cent,

Dec 25 Corn  closed at $4.40 1/2, up 3/4 cent,

New Crop Cash  was $3.98 1/1, up 3/4 cent,