Corn Futures Experience Mixed Declines Amid Export Sales Updates

Corn futures dropped by 2 to 4 cents in most contracts on Thursday, recovering from earlier session lows. The front month CmdtyView national average Cash Corn price decreased by 3½ cents to $4.21 1/4.

The USDA reported private export sales of corn: 104,000 metric tons (MT) were sold to Mexico, and 101,096 MT to unknown destinations for the 2024/25 shipment season.

A delayed EIA report indicated that ethanol production rose by 20,000 barrels per day to 1.056 million bpd during the week of May 23, marking an eight-week high. Ethanol stocks fell by 663,000 barrels to 24.281 million barrels. Refiner inputs of ethanol increased by 20,000 bpd to 939,000 bpd, with gasoline product supplied reaching the highest level since October at 9.452 million barrels per day.

Traders are anticipating Export Sales data on Friday, expecting between 0.75 to 1.4 MMT in corn sales for the 2024/25 season and 25,000 to 400,000 MT for the new crop.

Jul 25 Corn closed at $4.47, down 4 cents.

Nearby Cash was $4.21 1/4, down 3½ cents.

Sep 25 Corn closed at $4.27 1/4, down 2½ cents.

Dec 25 Corn closed at $4.41 1/4, down 2¼ cents.

New Crop Cash was $3.99 1/2, down 2¾ cents.

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.

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