Corn futures are experiencing gains of 6 to 8 ¼ cents across most contracts as of Thursday midday, with the CmdtyView national average cash corn price rising by 7 ¼ cents to $4.10 ½. Meanwhile, crude oil prices have climbed by $4.78, nearing $80, providing additional market support.
In the week ending February 26, corn export sales reached 2.02 million metric tons (MMT), surpassing analyst estimates of 0.6 to 1.6 MMT, and representing nearly triple the sales from the previous week. New crop business tallied 154,000 metric tons, exceeding trade predictions of 0 to 100,000 metric tons. Additionally, Statistics Canada’s acreage intentions indicate a projected corn acreage of 3.846 million acres for this year, reflecting a 1.7% increase from last year.
