Corn futures are experiencing gains, with nearby contracts rising by 3 to 5.5 cents on Friday. The national average cash corn price has increased by 5.5 cents to $3.85 1/4 per bushel.
As of September 1, the average trade estimate for U.S. corn stocks is projected at 1.844 billion bushels, indicating an increase of 32 million bushels from the previous USDA projection. The USDA’s Export Sales report shows total export commitments for the marketing year at 14.744 million metric tons, marking a 17% increase year-over-year, and representing 25% of the early USDA export forecast.
Algeria has recently purchased 240,000 metric tons of corn, likely sourced from Argentina or Brazil. The Ukrainian corn crop for the 2024/25 season is estimated at 25.8 million metric tons, which is below the USDA’s prediction of 27.2 million metric tons.
