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By 1pm US Eastern time, the September futures contract on the Chicago Mercantile Exchange had increased by 6 cents per bushel to $3.86 per bushel (bu), and the December contract had also increased by 6 cents per bu to $4.07 per bu.
In Asia, futures on the Dalian Commodity Exchange trended higher. The September contract was up by 12 yuan per tonne to 2,267 yuan ($316) per tonne, and the November contract added 3 yuan per tonne to 2,213 yuan per tonne.
In Ukraine, the corn market was largely unchanged, with minor buying interest for spot deliveries still supporting the local prices.
Old-crop corn selling ideas were up to $255 per tonne FOB Pivdennyi-Odesa-Chornomorsk (POC) for August loading.
On the local DAP market, bids were reported at $246 per tonne to POC for spot delivery.
Meanwhile, new-crop corn offers for October shipment stood at $220 per tonne FOB Pivdennyi-Odesa-Chornomorsk (POC), and November-December loading offers were $215-216 per tonne on the same basis.
In South America, Fastmarkets’ assessment of Argentina’s corn FOB premium for September increased by 1 cent per bu, assessed at 129 cents per bu over September CME futures.
Corn harvest reached 89.3% of the 7.1 million hectares projected area in the week to August 6, a 1.3 percentage points weekly advance, according to the Buenos Aires Grain Exchange weekly report released on August 7. The production estimate was unchanged at 49 million tonnes.
Fastmarkets’ assessment for Brazil’s corn FOB premium for September loading gained 12 cents per bu and reached 153 cents per bu over September CME futures. Brazilian grain exporters’ association Anec increased its estimates for the country’s 2025 corn exports to 45 million tonnes from the previous 42 million tonnes. In 2024, Brazil exported 37.8 million tonnes.
Corn shipments amounted to 3.9 million tonnes in July, down from the 4.7 million tonnes shipped in the same month last year.
From January to July, Brazil exported 9.6 million tonnes of corn, a decline of 9.4% from the 10.6 million tonnes in the corresponding period last year.
In the US, CIF Gulf premiums for September loading were reported at 95 cents per bu over the September CME futures contract, and FOB Gulf premiums for the same month stood at $1.21 per bu over the same underlying contract, both unchanged from Wednesday.
US weekly corn net sales for the 2024/25 crop year fell by 50% week on week to 170,400 tonnes in the week to July 31, and exports declined by 17% to 1,229,200 tonnes, according to USDA data released on Thursday August 7.
Total accumulated exports for the 2024/25 marketing year reached 62.89 million tonnes, up by 26% from 49.71 million tonnes in the corresponding period of the previous year.
Favorable conditions across the US Midwest, including near to slightly above-average temperatures, periodic thunderstorms and generally ample soil moisture, are promoting strong growth for corn, according to the USDA’s weather highlights for Thursday.
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