Corn bulls spent the overnight session battling back after a gap lower as contracts are up 3 to 4 cents on the session. Futures failed to see much buying post-USDA data release on Friday, as futures slipped into the close with losses of 3 to 5 cents. September closed out the week with a loss of 24 ¼ cents, as December was down 24 ¾. There were another 69 deliveries for July futures, which expire today. The front month CmdtyView national average Cash Corn price was down 3 cents at $3.82 1/4. 

Rains are expected to be rather widespread this next week, with much of the Corn Belt seeing at least an inch, with the Central Corn Belt upwards of 2-3 inches. 

Over the weekend President Trump announced a 30% tariff on the EU and Mexico starting on August 1.

USDA’s balance sheets showed the old crop side with 25 mbu lower carryout for 2024/25 at 1.34 bbu, as a 75 mbu drop to feed and residual offset by a 100 mbu increase to exports on Friday. That lowered the carry-in for the new crop side, with production down 115 mbu to 15.705 bbu on the lower acreage total, with that yield left at 181 bpa. Feed and residual was also trimmed for new crop on the tighter supplies, with stocks down 90 mbu to 1.66 bbu.

The Friday afternoon Commitment of Traders report from CFTC showed speculators trimming 2,602 contracts from their large net short position in corn futures and options as of July 8. That net short stood at 203,861 contracts as of Tuesday. Commercials added a 3,650 contracts to their small net short position of 30,181 contracts.

AgRural estimates he Brazilian corn crop at 40% harvested, which is well below the 74% from last year.

Jul 25 Corn  closed at $4.03, down 4 1/4 cents, currently down 4 1/4 cents

Nearby Cash  was $3.82 1/4, down 3 cents,

Sep 25 Corn  closed at $3.96, down 3 1/4 cents, currently up 3 1/4 cents

Dec 25 Corn  closed at $4.12 1/4, down 4 1/4 cents, currently up 4 cents 

New Crop Cash  was $3.71 1/4, down 4 cents,