Corn Futures Gain Ahead of Weekend, Boosted by Export Sales

Corn futures are showing strength leading into the weekend, with contracts rising by 1 to 4 cents at midday. Overnight, an additional 17 deliveries were issued against May futures. The nearby CmdtyView national average Cash Corn price has increased by 1 3/4 cents, now at $4.20 1/2.

Private Export Sale Reported

This morning, the USDA announced a private export sale of 288,000 MT of corn to Mexico, which includes 95,100 MT allocated for the 2024/25 period and 192,900 MT for 2025/26.

Robust Export Commitments

Export Sales data from Thursday indicates that total export commitments for U.S. corn have reached 60.411 MMT. This figure is 27% higher than last year’s total and surpasses the full-year totals for each of the previous three years. Currently, these commitments represent 93% of the USDA’s forecast, which typically stands at about 95% at this time of year.

Analysts Anticipate Changes in Global Production

As we approach the WASDE report on Monday, analysts predict a reduction in Argentina’s corn production by 0.25 MMT from last month, bringing it to 49.75 MMT. Meanwhile, Brazil’s output is projected to increase by approximately 1 MMT to an average of 126.96 MMT.

Current Market Prices

May 25 Corn is priced at $4.42 1/2, reflecting an increase of 3 1/2 cents.

Nearby Cash is currently at $4.20 1/2, up 1 3/4 cents.

Jul 25 Corn is at $4.49 1/4, an increase of 1 3/4 cents.

Dec 25 Corn is priced at $4.42 3/4, rising by 4 cents.

New Crop Cash is at $4.00 1/4, up 3 3/4 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 provided solely for informational purposes. For further details, please view the Barchart Disclosure Policy
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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.