Corn Market Update: Prices Show Minor Declines and Key Export Data

The corn market is currently trading with contract prices down 3 to 4 ¼ cents, while December futures have increased by ½ cent. Overnight, there were another 25 deliveries against May corn futures. The CmdtyView national average Cash Corn price rose 5 1/4 cents, reaching $4.42 1/2.

Export Sales and Market Trends

This morning’s Export Sales report revealed a total of 1.014 million metric tons (MMT) sold in the week of April 24. While this figure marks a three-week low, it falls within the projected range of 0.7 to 1.5 MMT for the old crop. This week’s sales are down 12% from the previous week but demonstrate a significant increase of 33.7% compared to the same week last year. Mexico emerged as the largest buyer with 451,400 MT, followed by Colombia at 166,200 MT and Israel with 130,700 MT. In new crop bookings, the total exceeded expectations, reaching 244,704 MT—making it the second-largest total for the marketing year. Notably, Mexico purchased 184,700 MT, while Japan secured 56,000 MT.

Forecast for Ethanol Production

Looking ahead, traders anticipate a 2.6% year-over-year decline in corn used for ethanol production during March, estimating 459.9 million bushels. A detailed report on this will be released later today.

Current Corn Pricing

May 25 Corn: $4.63, down 4 1/4 cents
Nearby Cash: $4.41 1/4, down 1/2 cent
Jul 25 Corn: $4.72 1/2, down 3 cents
Dec 25 Corn: $4.46 3/4, up 1/2 cent
New Crop Cash: $4.11 3/4, up 3 1/2 cents

On the date of publication, Austin Schroeder did not have any positions, either directly or indirectly, in any of the securities mentioned in this article. All information and data in this article are solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.

 

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