Corn futures experienced a modest uptick on Monday, with contracts rising by 3 to 5 cents, while the national average cash corn price increased by 4 cents to $4.34 3/4. The USDA reported private export sales of 380,000 MT to Mexico and 128,000 MT to South Korea, indicating ongoing international demand. Additionally, the latest NASS Crop Progress data revealed that 57% of the U.S. corn crop is now planted, surpassing the five-year average.
This upward movement in corn prices aligns with the anticipated release of the May WASDE report, which is expected to provide insights into old crop corn stocks and the first projections for the 2026/27 balance sheet. Notably, the marketing year exports for 2025/26 are currently 30.49% lower than the previous year, suggesting potential challenges ahead for U.S. corn exports.
Market professionals should monitor the upcoming WASDE report closely, as it could significantly influence corn pricing and trading strategies in the near term.
Source: nasdaq.com