Corn futures declined by 9 to 15 cents on Thursday, reflecting broader weakness in the grain market amid limited outcomes from the Trump/Xi meeting. The national average cash corn price fell by 13 cents to $4.27, while May futures expired today. The recent passage of a bill for year-round E15 sales in the House may face challenges in the Senate, particularly from senators in oil-producing states.
The drop in corn prices is significant as export sales data revealed a sharp decline in old crop corn business, totaling just 684,786 MT, the second lowest this marketing year. This figure is down 59.2% from the same week last year, with Mexico being the largest buyer. Additionally, Brazilian production estimates have been adjusted slightly upward, which could further impact U.S. corn competitiveness in the global market.
Market professionals should closely monitor the Senate’s stance on the E15 bill and upcoming export sales data, as these factors could influence corn pricing and overall grain market dynamics in the near term.
Source: nasdaq.com