Corn Failing to Buy Bullish Export Business
Corn futures slipped Thursday despite strong export sales, with May contracts down over 5 cents to $4.35¾ and national cash prices at $4.14½. USDA reported 1.662 MMT in old crop exports last week — a 19-week high — led by Japan, Taiwan, and Spain. Private sales included 320,000 MT. South Korea bought 137,000 MT, while Brazil’s April exports fell sharply.
The corn market is facing a weaker Thursday trade, even as a multi month high in export business was reported this morning. Contracts are down 3 to 5 cents at midday. There were 18 deliveries issued against May futures overnight. The nearby CmdtyView national average Cash Corn price was down 5 cents at $4.14 1/2.
USDA reported private export sales of 205,000 MT to Mexico this morning (40,000 for 2024/25 and 165,000 MT for 2025/26), with another 115,000 MT sold to unknown destinations for old crop.
Export Sales data from this morning showed a total of 1.662 MMT of old crop corn sales in the week ending on May 1, which exceeded the analysts’ range of estimates at 0.7 to 1.4 MM. That was a 19-week high for corn sales and 87% above the same week last year. Japan was the top buyer of 338,500 MT, with Taiwan buying 283400 MT and Spain in for 240,500 MT. New crop was at 18,000 MT, within the expected 0 to 300,000 MT.
Ahead of Monday’s WASDE report, analysts expect to see US carryout trimmed by 22 million bushels to 1.443 billion bushels for old crop, with new crop estimated at 2.02 bbu in USDA’s first release.
Brazil exported a total of just 178,347 MT of corn during April, which was down 79.53% from the month prior but well above the same month in 2024.
A couple different South Korean importers purchased 137,000 MT of corn overnight.
May 25 Corn is at $4.35 3/4, down 5 1/4 cents,
Nearby Cash is at $4.14 1/2, down 5 cents,
Jul 25 Corn is at $4.44 1/4, down 5 cents,
Dec 25 Corn is at $4.37, down 3 3/4 cents,
New Crop Cash is at $3.95 3/4, down 4 1/2 cents,
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Source : Barchart
