Corn futures declined on Thursday, with the May 26 contract closing at $4.48 1/2, down 2 3/4 cents. The CmdtyView national average Cash Corn price also fell by 2 3/4 cents to $4.11. Export sales data revealed 1.4 million metric tons (MMT) of old crop corn, marking a six-week high but 10.3% lower than the same week last year, with Japan being the lead buyer at 339,400 MT.
Argentina’s corn crop estimate from the Buenos Aires Grains Exchange has increased to 61 MMT, up 4 MMT from prior estimates, while the Rosario Grain Exchange predicts 67 MMT. In contrast, the USDA’s estimate stands at 52 MMT.
