US corn futures steady as USDA export data exceeds estimates
Strong demand from South Korea and broader export figures push cash prices higher, with July contracts rising 3/4 cent to $4.66 1/2.
Corn futures traded steady to fractionally higher on Thursday, buoyed by robust export demand data released by the United States Department of Agriculture. The CmdtyView national average Cash Corn price rose 3/4 cent to $4.26 1/2, reflecting the market’s response to stronger-than-expected sales volumes.
The USDA’s weekly export sales report for the week ending 14 May revealed that old crop corn business reached 2.125 million metric tonnes. This figure significantly surpassed market estimates, which had ranged between 0.8 million and 1.6 million metric tonnes. The volume marked a 17-week high and represented a 78.5 per cent increase compared to the same period last year.
New crop corn business totalled 281,430 metric tonnes, placing it on the higher end of the expected range of 150,000 to 300,000 metric tonnes. This volume stands as the third-largest total for the current marketing year, underscoring sustained international interest in US grain supplies.
South Korean importers were the primary drivers of new crop activity, purchasing 65,000 metric tonnes via tender and an additional 66,000 metric tonnes through a private deal. The combined purchases highlighted specific regional demand patterns that contributed to the overall strength in the report.
Contract pricing reflected the positive sentiment, with July 26 Corn trading at $4.66 1/2, up 3/4 cent. Nearby Cash settled at $4.26 1/2, also up 3/4 cent, while New Crop Cash rose 1/4 cent to $4.42 1/4. The data, originally reported by Barchart.com, provides a clear snapshot of the underlying demand dynamics supporting current price levels.
