Corn Futures Rebound as Export Sales Show Mixed Signals

Corn futures saw a comeback on Thursday, closing 4 to 5 cents higher in the nearby contracts. Although the contracts finished below their highs, they managed to recover some of the losses incurred on Wednesday. The CmdtyView national average Cash Corn price increased by 4.5 cents, reaching $4.27 3/4.

Export Sales Report Highlights

The morning’s Export Sales report revealed that 967,348 metric tons (MT) of corn were sold in the week ending March 6. This figure marks a three-week high but is still 24.6% lower than the same week last year. Mexico led the buyers, purchasing 431,600 MT during a week marked by tariff fluctuations. Meanwhile, Japan acquired 194,100 MT, and unknown destinations recorded net reductions of 285,900 MT, primarily switched to other locations. Notably, new crop sales accounted for just 13,399 MT.

Current Export Commitments and Crop Estimates

Total export commitments for the United States now stand at 50.535 million metric tons, which is 35% above last year’s figures for the same time frame. This amount represents 81% of the USDA’s export projection, compared to an average sales pace of 80%.

In South America, the Rosario Grains Exchange revised its Argentina corn estimate down by 1.5 million metric tons, now at 44.5 million metric tons. Conversely, Brazil’s CONAB updated its corn crop estimate to 122.76 million metric tons, an increase of 0.75 million metric tons, despite a reduction of 0.54 million metric tons in the second crop estimation, bringing it down to 95.51 million metric tons.

Corn Futures Closing Prices

For March 25, Corn  closed at $4.53 1/2, up 4 3/4 cents.

Nearby Cash  reached $4.27 3/4, an increase of 4 1/2 cents.

May 25 Corn  closed at $4.65 1/4, up 4 1/2 cents.

December 25 Corn  closed at $4.52 1/4, up 4 cents.

New Crop Cash  was $4.16 1/2, up 4 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
here.

Please consult for more news from Barchart.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.