Global Corn Market Update – Futures Rise in the U.S. and Asia, Stable Demand from South Korea, and Mixed Trends in South America

Chicago Board of Trade (CBOT) Corn Futures

Corn futures on the Chicago Board of Trade rose by 5 cents per bushel, reaching $4.66. The July contract climbed by 4 cents, closing at $4.74 per bushel, according to Agricensus.com.

Asian and South Korean Corn Futures and Trade Activity

In Asia, corn futures on the Dalian Commodity Exchange also rose:

• May contract: +18 yuan, closing at 2,336 yuan/ton (~$321)
• July contract: +17 yuan, reaching 2,377 yuan/ton

In South Korea, buyers secured 263,000 tons of corn through tenders and private deals:

• NOFI bought:
• 65,000 tons from Pan Ocean for $248.70/ton CFR, arrival on August 5
• A Panamax shipment from CJ International, for August 20, priced partially fixed and partially against the September CME contract
• Feed Leaders Committee (FLC) acquired 66,000 tons from ADM at $248.49/ton CFR, delivery July–August
• Feed Buyers Group (FBG) secured 65,000 tons from Mitsui at $248.69/ton CFR Incheon, June–July, likely shipped from U.S. Pacific ports

Ukraine and Russia Corn Market Overview

In Ukraine, corn prices held steady both DAP and FOB:

• FOB Pivdennyi-Odesa-Chornomorsk (POC): sellers at $252–255/ton, buyers at $248–250/ton
• DAP POC: buyers showed strong spot interest at $241/ton

In Russia, spring grain sowing reached 25.8% of the planned 28.83 million hectares for 2025:

• 7.44 million hectares sown as of Tuesday, up 35% from 5.51 million hectares at the same time in 2024, according to the Russian Ministry of Agriculture

South America Corn Futures and Crop Progress

In Argentina, corn prices fell across the forward curve, except for June loadings, which moved slightly higher:

• FOB premium for June loading (vs. July CME): +82 cents/bushel, up 2 cents (Fastmarkets)

In Brazil, the market remained flat:

• FOB premium for June loading (vs. July CME): +92 cents/bushel (unchanged)

The 2024/25 summer corn harvest in Brazil reached 71.9% of the 3.7 million hectares planted (as of April 26):

• Weekly progress: +3.7 percentage points
• Ahead of last year’s 63.1%, and above the 5-year average of 68.1%
• Brazilian grain exporters association Anec raised April corn export estimates to 48,263 tons, up from 48,094 tons last week
• Still below the 76,655 tons exported in April 2024

U.S. Corn and Ethanol Market Developments

In the U.S. Gulf:

• May CIF premiums: up 2 cents to +77 cents/bushel over May CME
• May FOB premiums: around +82 cents/bushel

In the Pacific Northwest (PNW):

• May FOB premiums: stable at $1.01/bushel over May CME

Ethanol production in the U.S. rose by 7,000 barrels/day to 1.040 million barrels/day (week ending April 25):

• Corn usage for ethanol: 2.68 million tons, up from 2.66 million tons the previous week
• Ethanol stocks dropped by 92,000 barrels to 25.389 million barrels, per EIA data released Wednesday