Corn futures dropped to new contract lows as a combination of technical indicators and updated supply data pressured the complex. July corn settled sharply lower, pushing the Relative Strength Index down to 24%, deep into oversold territory. On the demand side, weekly export sales reached the higher end of combined trade estimates, driven by strong new-crop bookings for the 2026/2027 marketing year which reached 927,000 metric tons, offsetting quieter old-crop figures. Meanwhile, the June WASDE report left domestic figures largely unchanged, with U.S. ending stocks arriving at 2.145 billion bushels. However, the USDA surprised the market by raising South American production estimates, lifting Argentinian output by 2 million metric tons to 61 million and Brazilian production by 3 million metric tons to 138 million, adding 5 million metric tons to global supplies.