Corn Market Recovers with Gains Amid Mixed Export Sales Data

The corn market is currently trading with gains ranging from 4 to 8 cents on Thursday, recovering from the previous day’s decline. The CmdtyView national average cash corn price has increased by 5 1/2 cents to reach $4.28 3/4.

Export Sales Performance

This morning’s Export Sales report indicated that 967,348 metric tons (MT) of corn were sold in the week ending March 6. This figure falls within the estimates of 0.75 to 1.4 million metric tons for old crop corn bookings and marks a three-week high. However, it is still 24.6% lower compared to the same week last year. Mexico remained the largest buyer, importing 431,600 MT, while Japan purchased 194,100 MT. However, unknown destinations reported net reductions of 285,900 MT, primarily due to switches to other destinations. New crop sales recorded only 13,399 MT, which is well below the estimated range of 0 to 100,000 MT.

Global Buying Activity

In the international market, several South Korean importers have engaged in tenders and private deals, collectively purchasing 262,000 MT of corn. Another importer has issued a tender for an additional 140,000 MT.

Crop Estimates from South America

The Rosario Grain Exchange has reduced its corn production estimate for Argentina by 1.5 million metric tons to 44.5 million metric tons. In contrast, CONAB’s recent update on Brazil’s corn crop indicates an increase to an estimated 122.76 million metric tons, up by 0.75 million metric tons, despite a slight reduction of 0.54 million metric tons for the second crop, bringing it down to 95.51 million metric tons.

Current Pricing Overview

March 25 Corn: $4.56 1/4, up 7 1/2 cents

Nearby Cash: $4.28 3/4, up 5 1/2 cents

May 25 Corn: $4.66 1/4, up 5 1/2 cents

December 25 Corn: $4.52 3/4, up 4 1/2 cents

New Crop Cash: $4.16 1/1, up 4 1/4 cents

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

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