Corn futures are trading 2 to 4 cents lower as of midday Friday, with the May contract at $4.63 3/4 and the national average cash corn price at $4.21 1/4, reflecting a decrease of 3 1/4 cents. Recent data from Export Sales shows old crop corn commitments at 68.875 million metric tons, marking a 30% increase from the previous year, and accounting for 82% of the USDA’s export projection.
Ahead of the USDA’s March Intentions report next week, analysts expect NASS to report 94.37 million acres of corn, which would represent a decline of 4.4 million acres from last year. The July and December contracts are currently at $4.75 1/2, down 2 1/2 cents, and $4.91 1/2, down 3 cents, respectively.
