Corn futures gained up to 2 cents on Thursday, with the CmdtyView national average cash corn price rising 1.75 cents to $3.95 1/4. In the week ending January 22, export sales data showed 1.649 million metric tons (MMT) of corn sold, a decrease from the previous week but 21.4% higher compared to the same week last year. Japan was the largest buyer, importing 365,100 MT, followed by Mexico with 350,800 MT and Colombia with 339,500 MT.
Census trade data indicated that 7.305 MMT (287.6 million bushels) of corn were shipped in November, marking the second largest shipment total for that month on record and the highest since last April. Distillers exports fell to 933,557 MT year-over-year, while ethanol exports reached a record 211.33 million gallons for November, making it the second largest monthly total recorded.
As for corn futures, March 26 closed at $4.30 3/4, up 0.75 cent; nearby cash was at $3.95 1/4, up 1.75 cents; May 26 closed at $4.39, up 1 cent; and July 26 ended at $4.45 3/4, rising 1.75 cents.
