Corn futures closed the Thursday session with contracts up 6 to 7 cents in the front months, as new crop December tagged along, up 1 ½ cents. The CmdtyView national average Cash Corn price was back up 7 1/4 cents at $4.33.
Export Sales data from this morning showed 1.497 MMT in bookings, which was on the higher side of estimates between 0.8 and 1.7 MMT in old crop corn sales during the week ending on 3/13. That was a 4-week high and still 26.2% above the same week last year. Japan was the largest buyer of 487,700 MT, with 397,200 MT sold to South Korea and Mexico buying 303,700 MT. Unknown destinations cancelled 383,600 MT, mainly switched to Japan (198,000 MT) and South Korea (194,000 MT). Sales for 2025/26 were 61,375 MT in the middle of the expected 0-100,000 MT.
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The International Grains Council raised their 2024/25 world corn production number by 1 MMT but trimmed the carryout projection by 1 MMT to 274 on Wednesday morning. Their initial 2025/26 projection shows a 52 MMT increase in production yr/yr, with stocks seen at 280 MMT.
Buenos Aires Grain Exchange estimate the Argentina corn crop is 14% harvested.
May 25 Corn closed at $4.69, up 7 cents,
Nearby Cash was $4.33, up 7 1/4 cents,
Jul 25 Corn closed at $4.75 1/2, up 6 1/4 cents,
Dec 25 Corn closed at $4.53, up 1 1/2 cents,
New Crop Cash was $4.16 1/8, up 1 3/4 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.
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