Corn prices showed mixed results on Friday morning, with May futures down 1 ¼ cents while other contracts gained 2 to 3 cents. April concluded with modest losses across the board, and the CmdtyView national average cash corn price fell to $4.32 ¾. Notably, delivery notices for May futures reached 19 on the First Notice Day, and preliminary open interest increased by 9,485 contracts, primarily in new crop futures.
The USDA’s Export Sales report revealed a significant uptick in old crop corn sales, totaling 1.598 million metric tons for the week ending April 23, marking the highest sales since late February. Colombia led the purchases, indicating robust international demand, while new crop sales remained stagnant for the first time in 13 weeks. Additionally, the recent passage of the farm bill by the House, excluding E15 sales provisions, adds uncertainty to future corn demand.
Market professionals should monitor the evolving weather patterns in the Corn Belt, as forecasts predict 1 to 1.5 inches of rain, which could influence planting progress and yield expectations in the coming weeks.
Source: nasdaq.com