Corn futures are holding steady on Thursday, with some contracts showing slight gains. The CmdtyView national average cash corn price remains unchanged at $4.09. Recent export sales data revealed only 377,598 metric tons sold for the week ending January 1, significantly below the 0.7-1.5 million metric tons forecast for the 2025/26 marketing year, marking a 15.1% decline from the same week last year.
This lackluster export performance is concerning for market participants, particularly as the USDA prepares to release its Crop Production report on Monday. Analysts expect U.S. corn production to be around 16.553 billion bushels, with yields projected at 184 bushels per acre. The delayed census data for October exports showed a record shipment of 6.564 million metric tons, although this was a 5.93% drop from September.
Traders should monitor the upcoming USDA data closely, as it could significantly influence market sentiment and corn pricing in the near term.
Source: nasdaq.com