Corn futures saw declines of 1 to 4 ¼ cents across various contracts on Thursday, reversing earlier gains. The CmdtyView national average Cash Corn price fell 3 3/4 cents to $4.04. The USDA’s Export Sales report revealed 1.295 MMT of 26/27 corn sales for the week of October 29, marking a 3-week low and a 35.1% drop from the same week last year. Mexico led purchases with 381,300 MT, while unknown destinations bought 253,500 MT.
Traders are anticipating the monthly NASS Crop Production report due on Tuesday, with expectations of a 0.6 bushel per acre reduction in corn yield, bringing it to 180.6 bpa according to a Bloomberg survey. Production is projected to decrease by 54 million bushels to 15.98 billion bushels. Additionally, Turkey issued a tender for 295,000 MT of corn imports, with a deadline set for November 12.
Key corn futures contracts closed lower: Dec 26 Corn at $4.40, down 4 1/4 cents; Nearby Cash at $4.04, down 3 3/4 cents; Mar 27 Corn at $4.54 1/2, down 3 3/4 cents; May 27 Corn at $4.63 1/4, down 3 1/4 cents; Dec 27 Corn at $4.83 1/2, down 2 cents; and New Crop Cash at $4.46, down 2 1/4 cents.