Corn futures are trading with losses of up to 2 cents as of midday, with the CmdtyView national average cash corn price at $4.03 1/4. The USDA reported a private export sale of 126,640 metric tons of corn to unknown destinations on the same day.
Export Sales data indicated that corn export commitments reached 71.387 million metric tons (MMT), a 30% increase compared to last year. This figure represents 85% of the USDA’s estimate and is slightly below the 89% average. Shipments are at 48.96 MMT, up 34% year-on-year, accounting for 58% of the USDA forecast.
The USDA’s WASDE update maintained the U.S. corn ending stocks projection at 2.127 billion bushels (bbu), with a minor revision of the average cash price to $4.15. Global ending stocks were increased by 2.06 MMT to 294.81 MMT, primarily due to adjustments in India, South Africa, and Brazil.
