Corn Futures Slip on Thursday Despite Strong Export Sales Data

Corn futures closed lower on Thursday, with prices falling 1 ¾ to 4 ¼ cents across the board as selling pressure intensified into the close. The CmdtyView national average cash corn price settled at $4.22 1/2, down 3 1/4 cents from the previous session.

The decline came despite a bullish weekly export sales report from the USDA. Old crop corn sales for the week ending May 14 totaled 2.125 million metric tons, well above market expectations and marking a 17-week high. That volume was 78.5% higher than the same week last year. Major buyers included Japan (779,800 MT), South Korea (463,800 MT), and Mexico (342,200 MT). New crop sales reached 281,430 MT, the third-largest weekly total of the marketing year, with Mexico accounting for 255,100 MT. The strong demand data typically supports prices, but traders noted profit-taking and technical selling ahead of the weekend.

For traders monitoring grain markets, the divergence between strong export fundamentals and price action highlights the influence of broader macro sentiment and positioning. NowPrice's real-time commodities quotes provide up-to-the-minute levels for corn, soybeans, and wheat to help track these moves. Looking ahead, market participants will focus on next week's USDA Crop Progress report for early season condition ratings, as well as any shifts in weather forecasts for the U.S. Corn Belt. The export sales momentum will also be closely watched for signs of sustained demand from key importers.