Corn futures are experiencing slight fluctuations, with December contracts up by ¼ cent. The USDA reported a private export sale of 110,000 metric tons (MT) of corn for new crop. Notably, as of July 3, export sales for old crop corn reached 1.262 million MT, significantly exceeding the estimation range of 375,000 to 900,000 MT.
Mexico was the top buyer, acquiring 469,900 MT, while Japan purchased 436,200 MT. For the new crop, sales totaled 888,562 MT, lower than the previous week but still the second highest for the year, with Mexico again leading with 423,900 MT followed by Japan at 304,800 MT.
On a global scale, CONAB estimates Brazil’s corn crop at 131.97 million MT, an increase of 3.72 million MT from last month, with trader estimates predicting production at 132.3 million MT ahead of the USDA report.
