Corn Market Sees Gains Amid Strong Export Sales Data

The corn market wrapped up Thursday with July futures rising by 3 cents. This uptick was supported by favorable Export Sales data. In contrast, new crop contracts experienced declines ranging from 1 to 3 cents. The nearby CmdtyView national average cash corn price increased by 3 ¼ cents to $4.20.

Export Sales Exceed Expectations

Latest Export Sales data revealed corn bookings surpassed trade expectations, with figures reaching 1.677 million metric tons (MMT) for old crop during the week of May 8. This marks a 20-week high and more than double the sales from the same week last year. South Korea led purchases with 603,300 MT, followed by Mexico at 314,200 MT and Japan at 208,000 MT. For new crop sales, totalled at 508,928 MT, they were near the high end of estimates, which ranged from 350,000 to 600,000 MT. Mexico again dominated the new crop market purchase with 467,100 MT.

Brazil’s Corn Output Forecast Increased

Data released from CONAB indicated a rise in Brazil’s corn output estimate by 2.14 MMT, bringing it to 126.9 MMT. This increase is primarily attributed to a 1.9 MMT boost in the second crop.

Closing Prices

Jul 25 Corn closed at $4.48 1/2, up 3 cents.

Nearby Cash was at $4.20, up 3 1/4 cents.

Sep 25 Corn finished at $4.25, down 2 1/4 cents.

Mar 26 Corn ended at $4.53 1/2, a decrease of 1 3/4 cents.

New Crop Cash was $3.96, lower by 2 cents.

On the date of publication, Austin Schroeder did not hold any positions in the securities mentioned in this article. All information and data is for informational purposes only. For more details, please view the Barchart Disclosure Policy.
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The views expressed in this article are those of the author and do not necessarily reflect the views of Nasdaq, Inc.