Corn futures fell by 13 to 15 cents on Thursday, with the CmdtyView national average cash corn price at $4.25, down 15 cents. The U.S. House of Representatives approved a bill for year-round E15 sales on Wednesday, which will now be considered by the Senate.
Export sales data released showed only 684,786 metric tons of old crop corn sold for the week ending May 7, significantly lower than the predicted range of 1 to 1.9 million metric tons, marking a 59.2% drop from the same week last year. Meanwhile, the Rosario Grains Exchange estimates the Argentina corn crop at 68 million metric tons, and Brazil’s production has risen to 140.17 million metric tons, according to CONAB data.
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