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The corn market pulled off the session lows into the Thursday close, with contracts down 1 to 2 cents at the close. The nearby CmdtyView national average Cash Corn price was down 1 3/4 cents at $4.18 3/4.
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 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 sales were just 18,000 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.
A couple different South Korean importers purchased 137,000 MT of corn overnight. The US announced a trade deal with the UK earlier on Thursday, with part of the deal including Britain agreeing to increase market access for US ethanol exports.
May 25 Corn closed at $4.39, down 2 cents,
Nearby Cash was $4.18 3/4, down 1 3/4 cents,
Jul 25 Corn closed at $4.47 1/2, down 1 3/4 cents,
Dec 25 Corn closed at $4.38 3/4, down 2 cents,
New Crop Cash was $3.97 5/8, down 2 1/2 cents,
