Corn Prices Rise as Export Sales Surpass Expectations
On Thursday, corn futures saw a late boost, ending the trading session with increases ranging from ½ to 2 cents. The national average Cash Corn price reported by cmdtyView rose 1 3/4 cents, reaching $4.01 1/2 per bushel.
Strong Export Sales Drive Market Optimism
This morning, the USDA announced a private export sale of 120,000 MT of corn to undisclosed buyers. The weekly export sales data revealed a total of 2.766 million metric tons (MMT) in corn bookings for the 2024/25 marketing year. This figure surpassed estimates of 1.7 to 2.5 MMT and marks the second-largest total recorded in the current marketing year. Sales from the previous year were less than half of this week’s totals. Leading the buyers was Mexico, which purchased 1.395 MMT, followed by 673,500 MT sold to unknown destinations. Additionally, there were 65,532 MT of sales for the 2025/26 marketing year.
USDA Projects Increase in Corn Acreage
Later in the day, the USDA released its annual 10-year baseline projections, indicating that planted corn acreage for 2025/26 is expected to reach 92 million acres, up from 90.7 million acres this year.
International Market Developments
In international markets, Brazil’s corn exports for October totaled 6.406 MMT, reflecting a decline of over 2 MMT compared to the same month last year. A South Korean buyer recently purchased 65,000 MT of optional origin corn, potentially including U.S. supplies. Meanwhile, Algeria issued a tender for 240,000 MT of corn from Argentina or Brazil, with a deadline set for Friday.
Current Corn Prices
Dec 24 Corn closed at $4.27 1/2, an increase of 1 1/4 cents.
Nearby Cash was reported at $4.01 1/2, up 1 3/4 cents.
Mar 25 Corn ended at $4.40 1/2, climbing 1 1/2 cents.
May 25 Corn closed at $4.47 3/4, gaining 2 cents.
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
