Corn futures are experiencing mixed trading, with front-month contracts showing slight declines while the national average cash corn price rose by ¾ cent to $4.15 ¾. This comes amid a volatile backdrop, as crude oil prices surged by over $10 following President Trump’s recent address, which hinted at ongoing military actions affecting the Strait of Hormuz. The market will be closed on Friday for Good Friday, adding to the uncertainty.

Recent export sales data revealed a total of 1.15 million metric tons (MMT) of corn sold for the week ending March 26, falling within trader expectations but down 5.6% from the previous week and 2% year-over-year. Conversely, new crop sales exceeded forecasts at 102,609 MT. The USDA’s Grain Crushing report indicated a year-over-year increase in corn grind, although it was down 8% from January, reflecting mixed demand dynamics.

Market professionals should note the record corn exports in February and the implications for supply-demand balances moving forward, particularly as ethanol shipments hit a new high.

Source: nasdaq.com