Corn Prices Hold Steady Amid Drought Forecast

Corn futures held their ground on Thursday, maintaining gains of 2 to 3 cents in the front months and slightly lower deferred contracts for 2027. The national average Cash Corn price rose by 2 cents to $4.34 1/2.

Export Sales data released this morning showed a significant increase in old crop corn business, with 332,679 MT sold in the week of July 16. Mexico was the top buyer at 203,300 MT, followed closely by Taiwan with 152,000 MT.

New crop sales also saw an improvement to 701,505 MT, marking the fourth largest sale for new crop this marketing year. However, this figure represents a decline of 4.4% from the same week last year.