Corn futures are experiencing fractional to 2 cent losses, with the May contract priced at $4.65 1/2 and nearby cash corn at $4.23, both down 1 3/4 cents as of Thursday. The CmdtyView national average shows cash corn prices declining by the same amount.
Export Sales data released today indicates corn sales reached 1.22 million metric tons (MMT) for the week ending March 19, exceeding trade expectations of 0.7 to 1.5 MMT and marking a 17.1% increase from the same week last year. New crop sales also surpassed estimates at 135,000 MT.
Looking ahead, traders anticipate the USDA’s March Intentions report next week will reveal a forecasted corn planting area of 94.37 million acres, reflecting a potential decrease of 4.4 million acres from the prior year.
