Corn prices are experiencing mixed trading on Friday morning, with December futures inching up by ¼ cent while other contracts are slightly lower. This follows a Thursday session where prices fell by up to 2 ½ cents. The national average cash corn price has dipped to $3.80 ¾ per bushel. Notably, the USDA reported a private export sale of 115,000 metric tons to Mexico, but overall export sales for the week ending September 19 were disappointing, totaling just 535,056 metric tons—well below estimates and down 37% year-over-year.
This sluggish export performance raises concerns about the corn market’s strength, particularly as commitments are currently at a three-year high of 14.744 million metric tons, yet still lagging behind the USDA’s forecast. With export sales at only 25% of the USDA’s early projections, traders may need to recalibrate expectations for future price movements.
Market participants should closely monitor upcoming export reports and global demand trends, particularly from key buyers like Mexico and Algeria, as these will significantly influence corn price trajectories.
Source: nasdaq.com