Corn futures are experiencing slight losses on Friday, with May contracts down 1 cent at $4.47 1/2. The CmdtyView national average cash corn price also decreased by 1 cent to $4.10 1/4. In related commodities, crude oil dropped $11.27 after Iran announced it would open the Strait of Hormuz.
As of April 9, U.S. corn export commitments reached 72.79 million metric tons (MMT), a 29% increase from the previous year and 87% of the USDA’s export projection for 2025/26. Shipments totaled 50.52 MMT, which is 60% of the USDA’s expected total and outpacing the 56% average pace.
The Buenos Aires Grains Exchange has revised its estimate for the Argentine corn crop up to 61 MMT, from a previous forecast of 57 MMT, while the Rosario Grain Exchange stands at 67 MMT. In contrast, the USDA has estimated Argentina’s crop at 52 MMT.
