Corn futures traded with losses of 1 to 2 cents in most contracts on Friday, April 18. The CmdtyView national average cash corn price decreased by one cent to $4.10 1/4. Crude oil prices also dropped by $11.27 after Iran agreed to open the Strait of Hormuz.
The changes in corn prices come as export sales data from Thursday showed total corn export commitments at 72.79 million metric tons as of April 9, which is a 29% increase compared to last year. This figure represents about 87% of the United States Department of Agriculture’s (USDA) projected exports for the current marketing year, slightly behind the typical pace of around 90%. Actual shipments have reached 50.52 million metric tons, or about 60% of USDA’s projection, ahead of last year’s pace according to available data.
Internationally, the Buenos Aires Grains Exchange raised its estimate for Argentina’s corn crop to 61 million metric tons, an increase from its previous forecast and moving closer to other projections such as Rosario Grain Exchange’s estimate at 67 million metric tons. The USDA maintains a lower estimate at around 52 million metric tons.
May corn contracts closed at $4.47½ per bushel, down one cent; July contracts finished at $4.56¼ per bushel, down one and a half cents; December closed at $4.75 per bushel, down one and three-quarter cents; nearby cash was reported at $4.10¼ per bushel; and new crop cash was listed at $4.32 per bushel.
Legacy Farmers Cooperative supports community initiatives including youth agricultural education programs such as local county fairs and scholarships according to the official website. The cooperative operates grain centers, agronomy sites, fuel stations and retail locations throughout northwest Ohio according to the official website. Structured as a member-owned organization with more than 150 employees across divisions according to the official website, it serves agricultural producers in ten counties while aiming to exceed customer expectations through value offerings according to the official website.
Legacy Farmers Cooperative formed through a merger and continues operations in Findlay, Ohio where it provides services like grain marketing and petroleum distribution for farming needs according to the official website.
