Corn Futures Rise with Strong Export Sales
Corn futures finished Monday with modest gains, thanks to several export announcements. The national average Cash Corn price from cmdtyView increased by 5 cents, reaching $3.78 1/4 per bushel.
Corn Crop Progress Shows Improvement
According to the weekly Crop Progress report, as of October 20, the U.S. corn crop is now 98% mature, surpassing the 95% average. The harvest is currently at 65% completion, putting it 13 percentage points ahead of the 5-year average rate.
Private Export Sales Boost Market Confidence
The USDA announced several private export sales today: 169,926 metric tons (MT) to Mexico, 130,000 MT to South Korea, and 198,192 MT to unknown destinations. This activity is a positive sign for the corn market.
Export Inspections Show Significant Increase
The Export Inspections report revealed 999,811 MT (39.36 million bushels) were inspected for export in the week ending October 17. This figure more than doubled the amount from the same week last year and represents a 97.35% increase from the previous week. Among these exports, 565,254 MT went to Mexico while 132,799 MT were shipped to Columbia. The marketing year total has now reached 5.795 MMT (228.14 million bushels), marking a 30.61% increase from the same time last year—the best performance since the 2018/19 marketing year.
Global Corn Planting Advances
In Brazil, the first corn crop is now 48% planted as of Thursday, according to AgRural.
Current Corn Prices
Dec 24 Corn closed at $4.09 1/2, up 4 3/4 cents.
Nearby Cash stood at $3.78 1/4, up 5 cents.
Mar 25 Corn closed at $4.23 1/4, up 4 1/4 cents.
May 25 Corn finished at $4.30 1/2, rising 4 cents.
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
