Corn futures reported losses of 3 to 5 cents on Thursday as the USDA announced increased world stocks. The national average Cash Corn price fell by 4 1/4 cents to $4.03 1/2. On the same day, crude oil prices rose by $3.21.
South Korean importers secured 136,000 metric tons of corn, believed to be of US origin, according to USDA’s flash reporting system. Export Sales data revealed old crop corn sales of 1.36 million metric tons for the week of April 2, exceeding analyst expectations and marking an 18.4% increase from the previous week.
The USDA’s WASDE report maintained the US corn ending stocks projection at 2.127 billion bushels. Global ending stocks were raised by 2.06 million metric tons to 294.81 million metric tons, driven primarily by increases in India, South Africa, and Brazil.
