Corn Bulls Pushing Higher at Midday
Corn futures are posting a round of strength ahead of the weekend, with contract up 1 to 4 cents at midday. There were another 17 deliveries issued against May futures overnight. The nearby CmdtyView national average Cash Corn price is up 1 3/4 cents at $4.20 1/2.
USDA reported a private export sale of 288,000 MT of corn to Mexico this morning, with 95,100 MT for 2024/25 and 192,900 MT for 2025/26.
Export Sales data from Thursday took the total export commitments for US corn to 60.411 MMT, which is 27% larger than last year and exceeds the full year total for each of the last 3 years. That is also now 93% of the current USDA forecast, with sales normally 95%.
Ahead of Monday’s WASDE report, analysts expect to see Argentina corn production down 0.25 MMT from last month at 49.75 MMT. Brazil’s output is expected to rise by ~1 MMT to 126.96 MMT on average.
May 25 Corn is at $4.42 1/2, up 3 1/2 cents,
Nearby Cash is at $4.20 1/2, up 1 3/4 cents,
Jul 25 Corn is at $4.49 1/4, up 1 3/4 cents,
Dec 25 Corn is at $4.42 3/4, up 4 cents,
New Crop Cash is at $4.00 1/4, up 3 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.