Corn futures in the USA continued to rise on Thursday. In Chicago, corn for March rose by 2.25 US cents to 429.75 US cents/bushel. May futures gained 3.00 US cents and closed at 439.50 US cents/bushel. Subsequent futures also trended firmer.
From a trader's perspective, support is clearly coming from the demand side. The USDA's weekly export sales totaled 2.07 million tonnes, well above market expectations of 0.6 to 1.1 million tonnes. Compared to the previous week, sales almost doubled and exceeded the previous year's level by 25.5%. An additional 60,000 tons were reported for the 2026/27 marketing year. These figures are clearly bullish and signal robust international demand for US goods.
Market-supporting impetus also came from South America. The Brazilian agricultural authority CONAB lowered its estimate for the maize harvest to 138.45 million tons and, in particular, cut its forecast for the second harvest by 1.2 million tons. Market participants believe that lower Brazilian production will exacerbate the global supply situation.
The bulls are thus trying to regain control after the recent consolidation. The combination of strong export momentum and slightly reduced harvest prospects in Brazil is creating a more friendly mood on the market.
On Euronext, March closed 0.75 € higher at 190.50 €/t.
