Corn futures increased by 3 ¾ to 6 ½ cents on Thursday, with the CmdtyView national average cash corn price rising 6 ¾ cents to $4.27 ¾. The market is approaching highs from the previous week’s surge.
For the week ending March 12, export sales data revealed 1.17 million metric tons (MMT) of old crop corn sold, marking a 13.4% decrease from the previous week and an 11.7% decline year-over-year. Mexico was the largest buyer at 287,200 MT, followed by Japan with 194,900 MT and Spain with 142,300 MT. Conversely, new crop sales were limited to 12,000 MT, all to Japan.
The International Grains Council’s latest report showed an increase of 1 MMT in global corn stocks, bringing the total to 306 MMT, due to a production increase of 7 MMT and a usage increase of 4 MMT. Meanwhile, the Buenos Aires Grain Exchange estimates that the Argentine corn harvest is 13% complete.
