Corn Market Sees Weaker Trading Despite Strong Export Numbers

The corn market is experiencing a slowdown in trading this Thursday, with contracts down by 3 to 5 cents at midday. Even with a multi-month high in export activity reported this morning, the nearby CmdtyView national average cash corn price fell by 5 cents, settling at $4.14 1/2. Additionally, 18 deliveries were issued against May futures overnight.

Export Sales Update

This morning, the USDA announced private export sales of 205,000 metric tons (MT) to Mexico, which broke down to 40,000 MT for the 2024/25 crop year and 165,000 MT for 2025/26. An additional 115,000 MT was sold to unknown destinations for the old crop.

Data on export sales released today showed total old crop corn sales reached 1.662 million MT for the week ending May 1. This figure surpassed analysts’ estimates of 0.7 to 1.4 million MT, marking a 19-week high and an 87% increase compared to the same week last year. Japan emerged as the leading buyer with 338,500 MT, followed by Taiwan at 283,400 MT and Spain at 240,500 MT. New crop sales were recorded at 18,000 MT, within the expected range of 0 to 300,000 MT.

WASDE Report Expectations

As we approach Monday’s WASDE report, analysts predict a reduction in U.S. corn carryout by 22 million bushels, bringing the old crop estimate to 1.443 billion bushels. The new crop is anticipated to be estimated at 2.02 billion bushels, marking USDA’s first release on this figure.

Brazil and South Korean Imports

In Brazil, corn exports dropped significantly, totaling just 178,347 MT in April—a decline of 79.53% compared to the previous month, although still above the same period in 2024. In another development, several South Korean importers acquired 137,000 MT of corn overnight.

Current Market Prices

May 25 Corn is priced at $4.35 3/4, down 5 1/4 cents.

Nearby Cash stands at $4.14 1/2, down 5 cents.

Jul 25 Corn is at $4.44 1/4, down 5 cents.

Dec 25 Corn is priced at $4.37, down 3 3/4 cents.

New Crop Cash is at $3.95 3/4, down 4 1/2 cents.

On the date of publication, Austin Schroeder did not hold any positions in the securities mentioned in this article. All information in this article is for informational purposes only. For more details, please review the Barchart Disclosure Policy
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The views expressed herein are solely those of the author and do not necessarily reflect the views of Nasdaq, Inc.