Corn Market Shows Slight Decline, Export Sales Reach Highs

The corn market managed to recover slightly from its session lows by the close on Thursday, though contracts ended down 1 to 2 cents. The CmdtyView national average Cash Corn price decreased by 1 3/4 cents, settling at $4.18 3/4.

Export Sales Strong Despite Market Fluctuations

According to the USDA, private export sales included 205,000 metric tons (MT) of corn sold to Mexico this morning—comprising 40,000 MT for the 2024/25 season and 165,000 MT for 2025/26. Additionally, there were 115,000 MT sold to unidentified destinations for the old crop.

Morning export sales data revealed a total of 1.662 million MT of old crop corn sales for the week ending May 1. This figure marks a 19-week high and is 87% higher than the same week last year. Japan emerged as the leading buyer, purchasing 338,500 MT, followed by Taiwan at 283,400 MT, and Spain at 240,500 MT. New crop sales, however, were modest at just 18,000 MT.

Upcoming WASDE Report Anticipated

With the WASDE report set for release on Monday, analysts are predicting a reduction of 22 million bushels in the US carryout for old crop corn, bringing it to an estimated 1.443 billion bushels. The new crop is expected to be around 2.02 billion bushels in this initial USDA release.

International Purchases and Trade Developments

In addition, several South Korean importers collectively bought 137,000 MT of corn overnight. Earlier on Thursday, the US announced a trade deal with the UK, which includes plans for Britain to increase market access for US ethanol exports.

Closing Prices

May 25 Corn closed at $4.39, down 2 cents.

Nearby Cash was $4.18 3/4, down 1 3/4 cents.

Jul 25 Corn closed at $4.47 1/2, down 1 3/4 cents.

Dec 25 Corn closed at $4.38 3/4, down 2 cents.

New Crop Cash was $3.97 5/8, down 2 1/2 cents.

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information, please view the Barchart Disclosure Policy
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