Corn futures are experiencing losses of 1 to 3 ¼ cents on Thursday, following an early session of gains. The USDA’s weekly Export Sales report indicates that 120,477 metric tonnes of old crop corn were sold for the week ending August 8, significantly below market expectations, while new crop sales reached 800,518 metric tonnes, surpassing estimates. Notable purchases included 345,000 metric tonnes by an unknown buyer and 257,900 metric tonnes by Mexican importers.
The International Grains Council has revised its estimate for world corn production to 1.226 billion metric tonnes, an increase of 1 million metric tonnes. Meanwhile, global stocks decreased by 1 million metric tonnes to 277 million metric tonnes. As of now, September 24 Corn is priced at $3.77 ¾, December 24 Corn at $3.98 ¾, and March 25 Corn at $4.16 ¾.
