Corn Bulls Pushing Higher at Midday
Corn futures strengthened ahead of the weekend, rising 1 to 4 cents midday, with May 25 at $4.42½. A 288,000 MT U.S. corn export sale to Mexico was reported, boosting optimism. Export commitments now total 60.411 MMT, up 27% year-over-year and surpassing totals from the last three years. Traders await Monday’s WASDE, with expected mixed crop revisions for Argentina and Brazil.
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 Cmdty View 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,
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Source : Barchart
