Commodities
Corn Prices Surge on Thursday Amid Export Sales Data
Corn futures are rallying on Thursday, with contracts up 3 to 4¼ cents. The national average Cash Corn price has also increased, reaching $4.35 1/4 after rising by 3 3/4 cents.
The recent surge in corn prices can be attributed to the release of export sales data for the week of July 16. According to the numbers, 332,679 MT of old crop corn business was reported, falling short of estimates at 400,000 and 800,000 MT. However, new crop sales showed improvement, reaching 701,505 MT, a figure on the higher side of the estimated range.
The NOAA's 7-day forecast indicates limited precipitation across much of the country, with some areas expecting 1 to 2 inches of rain. This could potentially impact corn yields and prices in the coming weeks.