Corn futures are showing a slight upward trend, gaining 1 to 2 cents on Friday morning following a bullish push in Thursday’s session, where most contracts rose by up to 2 ¼ cents. Notably, May contracts were an exception, declining by ¼ cent. Open interest increased by 6,091 contracts overall, while May saw a drop of 10,212 contracts. The national average cash corn price settled at $4.24 ½, down ¼ cent.
The recent Export Sales report reveals a positive outlook, with old crop corn bookings reaching 1.22 million metric tons (MMT), a 17.1% increase year-over-year. Mexico led the purchases, indicating strong demand in key markets. As traders anticipate the USDA’s March Intentions report, expectations for corn acreage are set at 94.37 million, reflecting a potential decrease of 4.4 million acres from last year.
Market professionals should monitor these developments closely, as shifts in acreage and export demand could significantly influence corn pricing and related agricultural investments in the coming weeks.
Source: nasdaq.com