Corn futures are trading down 2 to 4 cents midday, influenced by mixed export data and an increased Brazilian crop estimate. USDA reported a private export sale of 210,560 MT to unknown destinations, while weekly export sales reached 916,712 MT for 2024/25, a 7-week low but still above last year. Safras & Mercado increased Brazil's corn crop estimate by 3.89 MMT to 139.03 MMT, exceeding the USDA's 130 MMT projection, further pressuring prices.
The corn market is exhibiting weakness, with futures contracts declining by 2 to 4 cents and the CmdtyView national average cash price falling 2 ¼ cents to $4.19. This downward trend is influenced by a confluence of factors: weekly export sales for the 2024/25 season, while 13.2% above last year at 916,712 MT, marked a 7-week low and landed in the middle of trader estimates (0.75 to 1.4 MMT). Furthermore, new crop sales of 31,000 MT were at the lower end of expectations. A significant bearish pressure point stems from Brazil, where Safras & Mercado revised its corn crop estimate upwards by 3.89 MMT to 139.03 MMT, considerably surpassing the USDA's 130 MMT forecast. This anticipated increase in global supply from a key competitor is weighing on prices, as evidenced by specific futures declines, such as Jul 25 Corn dropping 2 1/2 cents to $4.44 1/2 and Sep 25 Corn down 3 1/4 cents to $4.24. The overall market sentiment for corn is moderately negative, consistent with these fundamental developments and the reported USDA private export sale of 210,560 MT, split between 2024/25 and 2025/26 delivery.
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moderately negative
Sentiment Score
-0.35
Ticker Sentiment
