Corn futures rallied during Thursday’s trading session, with most contracts closing 6 to 9 ¾ cents higher as strong export sales data and surging crude oil prices provided market support. The CmdtyView national average cash corn price climbed 9 ½ cents to reach $4.12 ¾ per bushel. Some deferred corn futures contracts showed more modest gains, ranging from steady to 4 ¾ cents higher.
The March 2026 corn futures contract closed at $4.41 ½, up 9 ¾ cents, while May and July contracts also posted significant gains. May 2026 corn futures settled at $4.53 ½, rising 9 ¾ cents, and July 2026 contracts closed at $4.62 ¾, advancing 9 ¼ cents.
Export Sales Drive Corn Futures Higher
The primary catalyst behind Thursday’s rally was exceptional export sales data released for the week ending February 26. According to the report, old crop corn sales totaled 2.02 million metric tons, nearly triple the previous week’s figure and more than double the same week last year. This robust performance underscored strong international demand for U.S. corn.
South Korea emerged as the top buyer, purchasing 530,300 metric tons during the reporting period. Colombia followed with 225,000 metric tons, while Mexico acquired 224,700 metric tons. Additionally, new crop business reached 154,000 metric tons, with Japan accounting for the entire amount.
Global Corn Market Developments
Meanwhile, Brazil released trade data Thursday morning showing February corn exports at 1.55 million metric tons. The figure represented a 9.34% increase from last year but fell well below January’s total exports. These numbers suggest potential shifts in South American corn availability that could influence global market dynamics.
In Argentina, the Buenos Aires Grain Exchange reported that the early corn crop harvest has reached 7.2% completion. The exchange maintained its crop estimate at 57 million metric tons, indicating stable production expectations for one of the world’s major corn exporters. However, harvest progress will require monitoring in coming weeks to confirm these projections.
Energy Markets and Planting Intentions
The crude oil market rally of $4.23 per barrel provided additional support to corn futures, given the close relationship between energy prices and agricultural commodities. Higher crude oil prices typically boost ethanol production economics, potentially increasing corn demand from the renewable fuels sector.
Statistics Canada released acreage intention data indicating Canadian farmers plan to plant 3.846 million acres of corn this year. This represents a 1.7% increase from the previous year if realized, suggesting modest expansion in North American corn production capacity.
Market Implications for Corn Producers
The combination of strong export sales and rising energy prices has created a more favorable environment for corn futures in the near term. Nevertheless, market participants will continue monitoring South American harvest progress and global demand patterns. The substantial increase in export sales demonstrates robust international appetite for U.S. corn supplies despite competition from other origins.
In contrast to recent weeks of price volatility, Thursday’s trading session reflected coordinated bullish factors across multiple market segments. The cash corn market mirrored futures gains, with the national average advancing nearly 10 cents per bushel.
Market observers will closely watch upcoming weekly export sales reports to determine whether the exceptional performance during the February 26 week represents a sustainable trend or a temporary surge. Additionally, continued monitoring of South American harvest progress and Canadian planting decisions will provide further clarity on global supply-demand dynamics heading into spring planting season.
