Corn Futures Rebound, But Export Sales and Brazilian Output Offer Mixed Signals
Corn futures declined on Thursday, reversing gains made the previous day, as prices fell 5 to 9 cents at close. The national average Cash Corn price dropped 9 cents to $4.18 1/4.
The US Department of Agriculture released export sales data for corn, showing a total of 410,748 metric tons sold in the week ending August 6. This was a five-week high and significantly higher than the same period last year's net cancellations. Spain purchased 257,600 metric tons, while Mexico bought 74,000 metric tons.
New crop sales, however, were lower at 924,532 metric tons, marking a three-week low and a decline of 54.9% from the same week last year. Mexico was the top buyer of 416,400 metric tons, with unknown destinations acquiring 253,700 metric tons.
Regarding Brazil's corn production, the CONAB projection increased output for the 2025/26 crop to 142.96 million metric tons, up 1.23 million metric tons from the previous estimate. The majority of this growth came from the second crop, which rose by 1.6 million metric tons to 111.03 million metric tons.