Corn futures closed on Thursday with slight gains, as most contracts increased by up to 2.25 cents, while May futures decreased by 0.25 cents. The national average cash corn price fell to $4.24.5 per bushel, also down by 0.25 cents.
In the week of March 19, export sales reported 1.22 million metric tons (MMT) of old crop corn, up 17.1% from the same week last year. The top purchasers included Mexico (428,600 MT), Colombia (319,400 MT), and the Dominican Republic (97,200 MT). New crop sales reached 135,000 MT, entirely to Japan.
Looking ahead to the USDA March Intentions report next week, traders anticipate a report of 94.37 million acres of corn, a decrease of 4.4 million acres compared to last year. As of the latest session, May corn closed at $4.67, July at $4.78, and December at $4.94.
