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Corn Futures Gain Amid Strong Export Sales

Corn futures are seeing notable gains, with a 4 to 6 cent increase observed recently. Export sales data shows higher-than-expected bookings, suggesting positive sentiment in the market.

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AI Rating:   7

Impact of Export Sales
According to the report, export sales for corn reached 1.497 MMT, which exceeded estimates and represents a 4-week high. This strong export performance (+26.2% compared to the previous year) indicates robust demand, which could exert upward pressure on corn prices.

International Grains Council Projection
The report notes a slight increase in the International Grains Council's 2024/25 world corn production forecast by 1 MMT, alongside a decrease in carryout projections. Lower carryout suggests tighter supply, supporting higher price potential.