Corn futures collapsed on the Friday session, as USDA data was less than friendly for the bulls with larger stocks and acreage estimates. Contracts settled down 10 to 16 1/2 cents across most 2024 and 2025 months. September was down 46 ½ cents on the month, with 33 cents of that this week.

USDAs Acreage report from this morning showed 91.475 million planted acres of corn this spring across the US. That was a 1.44 million acre increase from the March Prospective Plantings report and 1.1 million acres above the average trade guess. NASS did cite 3.356 million acres left to be planted as of the survey date, wrapping up on June 16, the second largest for this report since they began reporting the data in 2020. 

Grain Stock data showed 4.993 bbu of corn stocks as of June 1, which is 890 mbu above a year ago. That was near the top end of the trade range of guesses of 5.013 bbu and 120 mbu larger than the average estimate.

CFTC data showed spec traders in corn futures and options adding 86,204 contracts to their net short position as of June 25 at 277,666 contracts. 

Jul 24 Corn closed at $3.97 1/4, down 16 1/2 cents,

Nearby Cash was $3.88, down 14 1/2 cents,

Sep 24 Corn closed at $4.07 1/2, down 15 cents,

Dec 24 Corn closed at $4.20 3/4, down 13 cents,

New Crop Cash was $3.84, down 14 3/4 cents,

On the date of publication, Alan Brugler 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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