Corn Futures Rise as Cash Prices Increase and Export Sales Data Released

Corn futures ended Thursday’s trade with gains ranging from 2 to 5 ¼ cents, recovering from previous weaknesses. The nearby CmdtyView national average Cash Corn price rose by 5 ½ cents, reaching $4.50 1/2.

Regulatory Changes in Futures Trading

As of May 1, the Chicago Board of Trade (CBOT) will increase daily price limits for corn futures by 5 cents, raising the limit to a total of 35 cents.

Export Sales Data and Insights

This morning, the Export Sales report showed that 1.15 million metric tons (MMT) of corn for the 2024/25 marketing year were sold in the week ending April 17. This figure exceeds the market estimates which ranged from 0.8 to 1.3 MMT but reflects a 26.2% decrease compared to the previous week. Japan emerged as the leading buyer with 629,200 MT, followed by South Korea with 140,600 MT and Mexico with 136,400 MT. New crop sales remained stagnant at 0 MT.

Future Contracts Closing Prices

May 25 Corn closed at $4.77 1/4, reflecting an increase of 5 1/4 cents.

Nearby Cash settled at $4.50 1/2, up 5 1/2 cents.

Jul 25 Corn ended at $4.84, marking an increase of 4 3/4 cents.

Dec 25 Corn also saw a rise, closing at $4.56 1/2, up 2 cents.

New Crop Cash was reported at $4.20 1/8, up 2 1/4 cents.

On the date of publication, Austin Schroeder did not hold any positions in the securities mentioned in this article. The information provided herein is solely for informational purposes. For more details, please refer to the Barchart Disclosure Policy
here.

The views and opinions expressed in this article are those of the author and do not necessarily represent those of Nasdaq, Inc.