Corn futures are experiencing gains of 3 to 5 cents across most contracts, with the CmdtyView national average cash corn price rising to $4.30. The USDA’s latest export sales data reveals a significant 28% year-over-year increase in corn export commitments, reaching 77.063 million metric tons (MMT), which is 92% of the USDA’s export projection. Shipments are also strong, currently at 56.14 MMT—29% ahead of last year and 67% of the USDA’s target.
The upcoming May WASDE report, set for release next Tuesday, is highly anticipated by traders. Analysts expect old crop corn stocks to be around 2.13 billion bushels, slightly down from April’s estimate. Additionally, a South Korean importer recently purchased 136,000 MT of corn, signaling robust international demand. Meanwhile, Brazil’s corn crop estimates have been adjusted downward, which could impact global supply dynamics.
Market professionals should closely monitor the May WASDE report for insights into supply and demand trends, as well as potential price movements in the corn market.
Source: nasdaq.com