Corn prices have decreased by ½ to 1 ½ cents on Friday morning, following a drop of 7 to 10 ½ cents in futures on Thursday due to increased supplies in the USDA’s balance sheets. The CmdtyView national average cash corn price is reported at $3.80 ½, down 6 ¾ cents. Open interest increased by 5,819 contracts.
Export sales data released on Thursday indicated that 1.00 million metric tons (MMT) of old crop corn were sold in the week of June 4, marking a 13.3% week-over-week increase. Japan was the largest buyer, purchasing 373,100 MT, followed by Mexico with 356,200 MT. Additionally, new crop sales reached 926,645 MT, bringing total new crop business to 4.124 MMT, which is a 31.6% rise from the same time last year.
According to USDA’s monthly WASDE report, old crop U.S. ending stocks are now estimated at 2.145 billion bushels, a slight increase of 3 million bushels from the previous month. The report indicates that Brazil’s corn production is raised to 138 MMT, while Argentina’s is increased to 61 MMT. Global ending stocks for the 2025/26 crop year are estimated to rise to 303.36 MMT, reflecting increased supplies worldwide.
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