Corn futures are trading mixed, with new crop months gaining 2-4 cents while the July contract declines. Weekly export sales of old crop corn reached 942,276 MT, within trade estimates but down 20.2% year-over-year, with Mexico leading purchases. April Census data showed a 6.08% increase in corn shipments from March and a 21.06% increase from last year, while distillers and ethanol exports declined 7.83% and 19.58% respectively.
The corn market presents a mixed picture, with new crop futures contracts for September and December registering gains of 2 to 4 cents, while the nearby July contract declined by ¼ cent, signaling ongoing spread trading activity. The front month national average cash corn price also eased by ¼ cent to $4.14, contrasting with a 3-cent increase in new crop cash to $4.03 1/2. Weekly old crop export sales for the period ending May 29 amounted to 942,276 metric tons (MT), which fell within trade estimates but marked a 20.2% decrease year-over-year; Mexico was the principal buyer. New crop export sales were recorded at 160,116 MT, consistent with analysts' expectations. Significantly, April's Census data indicated robust corn shipments totaling 7.78 million metric tons (MMT), reflecting a 6.08% increase from March and a substantial 21.06% rise compared to the previous year, positioning it as the second-largest April shipment volume on record. However, this strength in raw corn exports was partially counteracted by weaker derivative markets, as April distillers grain exports dropped by 7.83% year-over-year, and ethanol shipments saw a 19.58% decline from the prior year's record monthly figure. Recent market activity includes South Korean importers securing 326,000 MT of corn through private tenders, suggesting persistent international demand.
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mildly positive
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0.25
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