Corn Futures Decline Amidst Lower Export Sales Data

Corn futures experienced losses during midday trading on Thursday, with contracts declining by 1 to 3 cents in the front months. The CmdtyView national average cash corn price also fell by 3 cents, now standing at $4.14 3/4.

Export Sales Data Shows Significant Drop

Recent export sales data indicated total sales of 1.04 million metric tons (MMT), which fell within the expected range of 0.6 to 1.6 MMT for old crop for the week ending March 20. This figure represents a decrease of 30.5% from the prior week and is 13.8% lower than the same week last year. The largest buyer was Japan, purchasing 415,300 MT, followed by Mexico with 309,900 MT, and Colombia with 212,900 MT. Additionally, the week reflected 494,000 MT in net reductions, primarily attributed to contracts being switched to different destinations.

Recent Purchases by South Korean Importers

In activity beyond U.S. shores, a South Korean importer secured a total of 204,000 MT of corn through a recent tender.

Current Corn Futures Prices

May 25 Corn is trading at $4.48 1/4, down 3 cents.

Nearby Cash is priced at $4.14 3/4, also reflecting a 3-cent decrease.

Jul 25 Corn stands at $4.56, down 3 cents.

Dec 25 Corn is currently at $4.42 3/4, down 1 3/4 cents.

New Crop Cash is at $4.06 3/4, which has decreased by 1 3/4 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.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.