Corn futures are experiencing mixed trading, with May contracts trading at $4.53 1/4, down 1 cent. The national average cash corn price increased by 3/4 cent to $4.15 3/4. Crude oil rose by $10.54 amid President Trump’s address regarding potential strikes affecting the Strait of Hormuz. The market will be closed on Friday for Good Friday.
Export Sales data for the week ending March 26 showed 1.15 million metric tons (MMT) of corn sold, which is within traders’ expectations but down 5.6% from the previous week. The USDA’s Grain Crushing report indicated February corn grind was 424.8 million bushels, a slight increase of 0.73% year-on-year but 8% lower than January. Corn used for ethanol this marketing year stands at 2.744 billion bushels, a decrease from last year.
February saw a record corn export of 6.77 MMT (266.5 million bushels), representing a 2.44% increase from January. Distillers exports rose by 8.26% year-on-year to 919,855 MT, while ethanol shipments hit a February record of 794.45 million gallons.
