Corn futures are experiencing upward momentum, with contracts rising by 4 to 5.5 cents on Monday. The CmdtyView national average cash corn price also increased by 4.5 cents to $4.34 1/4. The USDA reported private export sales totaling 508,000 MT, primarily to Mexico and South Korea, which highlights ongoing international demand despite a notable 17.1% drop in weekly export shipments compared to the previous week.
This uptick in futures and cash prices comes as the market anticipates the USDA’s May WASDE report, which is expected to provide insights into old crop corn stocks and the first balance sheet for the 2026/27 marketing year. Managed money has increased its net long positions in corn futures, suggesting a bullish sentiment among traders, while commercials have shifted to a net short position.
Market professionals should monitor the upcoming WASDE report closely, as any adjustments to production estimates or stock levels could significantly influence corn prices and trading strategies in the near term.
Source: nasdaq.com