On Friday morning, corn prices increased by 1 to 2 cents, following a modest rise in futures that closed Thursday with contracts up by as much as 2 ¼ cents. The CmdtyView national average cash corn price dipped slightly to $4.24 1/2. Open interest rose by 6,091 contracts, while May contracts fell by 10,212 contracts.
Export sales data for the week ending March 19 reported old crop corn bookings at 1.22 million metric tons (MMT), a 17.1% increase from the same week last year. Mexico was the largest buyer, with 428,600 MT purchased, followed by Colombia with 319,400 MT and the Dominican Republic with 97,200 MT. New crop sales totaled 135,000 MT, all to Japan.
Traders are anticipating the USDA’s March Intentions report, expected to indicate 94.37 million acres of corn planted, a decrease of 4.4 million acres from the previous year.
