Corn futures closed with modest gains on July 25, with the July contract at $4.38 1/2, up 1 ½ cents, while the national average cash corn price reached $4.15, also up 1 ½ cents. A wet forecast in the Corn Belt limited potential gains for new crop contracts.
In the week of June 5, Weekly Export Sales data reported 791,327 MT of old crop corn sold, marking a 9-week low. Japan was the largest buyer, purchasing 376,200 MT, followed by Mexico with 164,400 MT, and Colombia with 142,500 MT. Conversely, new crop sales registered net reductions of 29,550 MT.
The USDA’s monthly WASDE report increased the US export projection by 50 million bushels, bringing the old crop US ending stocks to 1.365 billion bushels, below market expectations. Additionally, world ending stocks for 2024/25 were reduced to 285.04 MMT, with new crop stocks at 275.24 MMT.
