Corn futures continued to rally on Thursday post-USDA data released, with front months leading the way with 7 to 9 cent gains. New crop was up 3 to 4 cents. The front month CmdtyView national average Cash Corn price was up 9 1/4 cent at $4.55 3/4. 

Export Sales data showed 785,583 MT of corn sold in the week ending on April 3, a 13-week low for corn sales but still within the range of estimates. South Korea was the largest buyer of 204,200 MT, with Colombia un for 196,700 MT, and Japan purchasing 180,800 MT.  Sales for the 2025/26 marketing year were tailed at 236,200 MT, vs. estimates of 0-150,00 MT.  Much of that was sold to Mexico, at 226,200 MT, with the rest sold to Japan.

USDA’s monthly WASDE report from this morning showed a large 75 mbu cut to the US ending stocks figure to 1.465 bbu. That came as the export figure was raised by 100 mbu, with feed and residual trimmed by 25 mbu.

South American was left alone, with Argentina at 50 MMT Brazil at 126 MMT. World ending stocks were down 1.29 MMT from last month to 287.65 MMT. CONAB data from this morning showed a 1.98 MMT increase to the Brazilian corn crop estimate at 124.75 MMT, mainly on an increase to the second crop. The Rosario Grains exchange raised their estimate for the Argentina corn crop by 4 MMT to 48.5 MMT later. 

May 25 Corn  closed at $4.83, up 9 cents,

Nearby Cash  was $4.55 3/4, up 9 1/4 cents,

Jul 25 Corn  closed at $4.88 3/4, up 8 1/4 cents,

Dec 25 Corn  closed at $4.54 1/4, up 3 1/2 cents,

New Crop Cash  was $4.18 1/4, up 4 1/4 cents,