Corn Futures Rise 4 3/4 Cents as South Korea Buys 133,000 MT
Updated
Updated · Barchart · May 28
Corn Futures Rise 4 3/4 Cents as South Korea Buys 133,000 MT
1 articles · Updated · Barchart · May 28
July corn settled at $4.55 3/4, up 3 1/4 cents, while December gained 4 3/4 cents and the national average cash price rose 4 cents to $4.17.
A 133,000-metric-ton South Korean tender helped support prices even as U.S. ethanol production slipped to 1.089 million barrels per day in the week ended May 22.
Ethanol stocks still climbed 93,000 barrels to 24.968 million, exports fell 47,000 bpd to 102,000, and refiner inputs increased 20,000 bpd to 937,000.
USDA export sales data due Friday is expected to show 0.9 million to 2 million metric tons of 2025/26 corn bookings, including 300,000 to 500,000 tons of new-crop sales.
In South America, the Buenos Aires Grains Exchange said Argentina's corn harvest was 34.7% complete, giving traders another read on global supply.
With tightening U.S. supply but a huge foreign crop, which force will win the tug-of-war for corn prices?
Argentina forecasts a massive corn crop. Will this unexpected supply burst finally bring down global food prices?
As global tensions drive up energy costs, is America's reliance on corn for fuel becoming economically unsustainable?