Corn futures are continuing rally on Thursday, as contracts are getting some support from a reduction to the US carryout number. Futures are up 2 to 6 cents at midday. The front month CmdtyView national average Cash Corn price is up 5 3/4 cent at $4.51 1/4.
Export Sales data showed 785,583 MT of corn sold in the week ending on April 3, on the low side of the 0.7 and 1.3 MMT estimates for old crop corn business. Sales for the 2025/26 marketing year were tailed at 236,200 MT, vs. estimates of 0-150,00 MT.
USDA’s monthly WASDE report from this morning showed a large 75 mbu cut to the US ending stocks figure to 1.465 bbu. That came as the export figure was raised by 100 mbu, with feed and residual trimmed by 25 mbu.
South American was left alone, with Argentina at 50 MMT Brazil at 126 MMT. World ending stocks were down 1.29 MMT from last month to 287.65 MMT. CONAB data from this morning showed a 1.98 MMT increase to the Brazilian corn crop estimate at 124.75 MMT, mainly on an increase to the second crop. The Rosario Grains exchange raised their estimate for the Argentina corn crop by 4 MMT to 48.5 MMT later.
May 25 Corn is at $4.80, up 6 cents,
Nearby Cash is at $4.51 1/4, up 5 3/4 cents,
Jul 25 Corn is at $4.85 1/4, up 4 3/4 cents,
Dec 25 Corn is at $4.53 1/4, up 2 1/2 cents,
New Crop Cash is at $4.17 1/2, up 2 1/2 cents,
