Corn futures saw modest gains on Thursday, with contracts closing 4 cents higher ahead of the March expiration. The CmdtyView national average Cash Corn price increased by 2.25 cents, reaching $4.19 ¾. Crude oil also rose by $9.15, contributing to market support.
Export Sales data reported 1.53 million metric tons (MMT) of old crop corn sold for the week ending March 5, a 58.2% increase compared to the same week last year, although it was down from the previous week. Japan was the leading importer, purchasing 670,000 MT, followed by Mexico with 367,600 MT and South Korea with 209,100 MT. New crop sales were limited to only 500 MT.
Census data revealed a record shipment of 6.61 MMT (260.1 million bushels) of corn in January, with distillers reaching their highest shipment levels for the month in four years at 1.01 MMT. Ethanol shipments also set a record at 212.07 million gallons.
