Corn futures experienced a late-session rally on Thursday, with most contracts rising by up to 2 ¼ cents, although May futures slipped by ¼ cent. The national average cash corn price fell slightly to $4.24 ½. Notably, export sales data revealed a significant uptick in old crop corn bookings, reaching 1.22 million metric tons (MMT), a 17.1% increase year-over-year, with Mexico leading as the top buyer.
This surge in export sales is critical as traders prepare for the upcoming USDA March Intentions report, which is expected to indicate a decrease in planted corn acreage to 94.37 million acres, down 4.4 million from last year. Such a reduction could tighten supply, potentially supporting higher prices in the near term.
Market professionals should closely monitor these developments, as shifts in acreage and export demand could significantly influence corn pricing strategies and overall market sentiment in the agricultural sector.
Source: nasdaq.com