Corn bulls fought off the weakness on Thursday, as contracts closed with nearbys within a penny of unchanged. The CmdtyView national average Cash Corn price was up 3/4 cent at $3.57 1/4.
USDA reported private export sales announcements of 136,000 MT to South Korea and 132,000 MT to Spain all for new crop.
This morning’s Export Sales report showed net reductions of 88,686 MT for old crop corn during the week of 8/7. That was a MY low, but is normal as we are in the last month of the marketing year. Japan was the buyer of 136,900 MT, with 88,200 MT sold to Spain, as unknown saw net reductions of 353,800 MT (mostly switched). New crop was tallied at 2.04 MMT, was the second largest total for the marketing year. That takes the total to 13.825 MMT, which is the second largest on record for this week. Mexico was the buyer o 498m400 MT, with 356,200 MT sold to unknown destinations.
CONAB estimates the Brazilian corn crop at 137 MMT, which was a jump if 5.03 MMT from last month. That mainly came via a 5.02 MMT increase to the second crop at 109.56. A South Korean importer purchased 65,000 MT of corn overnight with the origin still to be determined. The Rosario Grains Exchange estimates the Argentina corn area in the main regions up 15 to 20% for 2025/26.
Sep 25 Corn closed at $3.75, up 1 cent,
Nearby Cash was $3.57 1/4, up 3/4 cent,
Dec 25 Corn closed at $3.97 1/4, unch,
Mar 26 Corn closed at $4.14, down 1 cent,
New Crop Cash was $3.54 5/8, up 1/2 cent,
