Corn Holds onto Gains on Thursday with Drier Forecast Remaining

Corn futures closed the Thursday session with contracts holding onto 2 to 3 cent gains in the front months and deferred 2027 contracts fractionally lower. The CmdtyView national average Cash Corn price was up 2 cents at $4.34 1/2.

Export Sales data from this morning showed 332,679 MT of old crop corn business in the week of 7/16. That was slightly higher than the week prior buy nearly half of the same week last year. Mexico was the top buyer of 203,300 MT, with Taiwan in for 152,000 MT. New crop sales were improved to 701,505 MT. That was the 4^th largest sale for new crop this marketing year but down 4.4% from the same week last year. Unknown destinations were the top buyers of 168,000 MT, with 148,100 MT sold to Colombia.