Corn Rallying as Export Business Shoots to Multi-Year High

Core Insights - Corn futures are experiencing gains of 5 to 7 cents, with the national average cash corn price rising to $3.94 1/2, an increase of 6 3/4 cents [1] Group 1: Export Sales Report - The USDA's Export Sales report indicates corn bookings reached 4.01 million metric tons (MMT), the highest since March 2021, significantly exceeding estimates of 1.9 to 3.1 MMT for the week of January 15 [2] - This week's sales are noted as the largest since 1991 when excluding purchases from China and previous shutdowns, and they are more than double the sales from the same week last year [2]