Corn Slipping Back Early on Friday

Corn price action so far on Friday morning is down fractionally to 2 cents. Futures closed the Thursday session with contracts up 6 to 7 cents in the front months, as new crop December tagged along, up 1 ½ cents. Preliminary open interest showed a rotation of ownership, down just 1,982 contracts on Thursday. The CmdtyView national average Cash Corn price was back up 7 1/4 cents at $4.33. 

Export Sales data from Thursday morning showed 1.497 MMT in bookings, a 4-week high and still 26.2% above the same week last year. Japan was the largest buyer of 487,700 MT, with 397,200 MT sold to South Korea and Mexico buying 303,700 MT. Unknown destinations cancelled 383,600 MT, mainly switched to Japan (198,000 MT) and South Korea (194,000 MT). Sales for 2025/26 came in at 61,375 MT. 

Total export sale commitments for the 2024/25 crop are now at 52.031 MMT, which is still 25% larger than the same period last year. That is also 84% of the USDA export projection, ahead of the 5-year average sales pace by 1 percentage point. 

The International Grains Council raised their 2024/25 world corn production number on Thursday by 1 MMT but trimmed the carryout projection by 1 MMT to 274 MMT. Their initial 2025/26 projection shows a 52 MMT increase in production yr/yr, with stocks seen at 280 MMT, a 6 MMT increase. 

Buenos Aires Grain Exchange estimate the Argentina corn crop is 14% harvested. 

May 25 Corn  closed at $4.69, up 7 cents, currently down 1 3/4 cents

Nearby Cash  was $4.33, up 7 1/4 cents,

Jul 25 Corn  closed at $4.75 1/2, up 6 1/4 cents, currently down 1 1/2 cents

Dec 25 Corn  closed at $4.53, up 1 1/2 cents, currently down 1/4 cent

New Crop Cash  was $4.16 1/8, up 1 3/4 cents,