• Corn futures finished mixed on the day. Strong weekly export sales supported old crop contracts, but overall gains were limited by concerns over biofuel demand and favorable weather forecasts.
• The USDA released its weekly export sales report on Thursday morning. For the week ending May 8, new sales totaled 1.677 million metric tons (66 million bushels) for old crop and 509,000 metric tons (20 million bushels) for new crop. Old crop sales exceeded analysts’ expectations, with South Korea emerging as the largest buyer last week.
• An announcement from the EPA on Thursday added pressure to the grain markets. Instead of a near-term update on blending volumes, EPA Administrator Lee Zeldin stated that the agency will complete a new rulemaking process “over the next few months.” The delay disappointed traders hoping for clarity on Renewable Fuel Standard volumes and triggered a limit-down move in soybean oil. The spillover weighed on new crop corn futures, reflecting concerns about long-term ethanol demand.
• Planting conditions across the U.S. remain favorable, with most areas seeing an open window for fieldwork. Forecasts show increasing chances for beneficial precipitation across key growing regions next week, supporting early crop development and helping cap market rallies.
• Mexico remains the largest buyer of U.S. corn on the export market. Current weather and drought conditions there could become a quiet but supportive factor for U.S. corn. Mexico’s primary planting window runs from April through August, accounting for about 70% of its total production. Drought in key growing areas could reduce yields, potentially boosting U.S. corn exports next winter.

Corn Back Near Calendar Year Lows
Corn futures broke higher in April after repeatedly holding support near 450, with a bullish April WASDE — highlighting stronger demand — fueling the move through the 50-day moving average. As May begins, traders are watching weather developments and demand signals to guide the next leg. February highs above 510 are the next upside target. However, early May weakness has taken out support at 470, setting up a potential retest of the critical 445-450 zone — the early 2025 low and a key technical floor.