Corn contracts on the CBOT closed firmer on Thursday. December corn gained 5.75 US cents to 407.00 US cents/bushel, September gained 4.75 US cents to 384.50 US cents/bushel.
Tailwinds came from two USDA-reported private sales: 106,680 tons went to Mexico and 105,000 tons to Guatemala, both for delivery in 2025/26. In the weekly export report, old business was weak at 170,428 tons, but new business clearly exceeded expectations. At 3.16 million tons, the highest number of sales since 2021/22 was recorded in this reporting week. Main buyers this time: unknown country with 1.28 million tons, Mexico with 408,000 tons and South Korea with 402,000 tons.
From a trader's perspective, the bullish export story clearly dominated. The high level of new business gives market participants hope that demand will remain strong, which supported prices despite the weak old business. The psychological 4-dollar threshold in the December contract remains an important support that the bulls now want to defend.
The picture on Euronext was also positive for maize. It was able to gain €4.00 to €192.50/t for November.
