Corn futures decline on weak export sales

Maize futures closed lower on Thursday, with July contracts down 7 cents and other contracts down 2 to 4 1/4 cents. The CmdtyView national average cash corn price fell 3 1/4 cents to $4.01 3/4. The decline was driven by a weaker-than-expected USDA Export Sales report, which showed old crop corn bookings of 565,810 MT for the week ending July 2, the second lowest of the marketing year and down 55.2% from the same week last year. New crop sales were 401,667 MT, also below expectations. Top buyers included Mexico, Japan, Colombia, and South Korea. The market is also awaiting the monthly WASDE report on Friday, with analysts expecting reductions in US corn stocks. Ukraine maintained its 2026/27 corn production forecast at 30 MMT. Weather outlooks from NOAA show mixed conditions across the US Maize Belt.