Corn prices tumble as old crop sales surge but new crop demand stalls
Corn prices have continued to fall across key contracts, with declines seen in both nearby and future deliveries. The latest USDA report also highlighted strong old crop sales, though new crop activity stalled for the first time in months. Weather forecasts suggest mixed conditions for planting in the coming days. The USDA’s Export Sales report for the week of 23 April revealed 1.598 million metric tonnes of old crop corn sales. This marked the largest weekly total since late February. However, no new crop corn business was recorded—a first in 13 weeks.
Prices dropped across multiple contracts. December 26 corn settled at $4.94¾, down 3 cents. July 26 corn fell to $4.74½, a decline of 3¼ cents, while May 26 corn closed at $4.64¼, losing 2¼ cents. Cash markets also weakened, with nearby corn at $4.31 (down 3 cents) and new crop cash corn at $4.51¼ (down 3 cents). Weather forecasts indicate 1 to 1.5 inches of rain expected in much of Missouri and the Eastern Corn Belt on days six and seven. Meanwhile, a large portion of the Corn Belt should see suitable planting conditions in the next five days, offering a brief window for farmers to advance sowing.
The drop in corn prices reflects both market pressure and shifting demand patterns. With old crop sales surging but new crop activity halting, traders are watching weather and planting progress closely. The coming days will be critical for farmers aiming to capitalise on favourable planting conditions.
