Corn Futures Show Mild Gains as Export Sales Surge
Market Update: Steady Prices and Increased Export Activity
Corn futures wrapped up Thursday with prices remaining steady to 3 cents higher. The national average Cash Corn price, according to cmdtyView, rose by 2.5 cents to $3.88 1/2 per bushel. So far this October, the average closing price for December corn futures stands at $4.17, falling 49 cents below the February base insurance price.
The USDA confirmed another set of private export sales: 227,600 metric tons of corn to Japan and 165,000 metric tons to undisclosed buyers.
This morning’s Export Sales report revealed a total of 3.602 million metric tons (MMT) of corn sold for the week of October 17 for the 2024/25 marketing year. This figure surpassed a Reuters survey that anticipated sales ranging from 2.2 to 3.3 MMT. This week’s export figure is a whopping 61.9% increase compared to last year and more than double the sales from the same week last year. Notable buyers included Mexico, purchasing 1.68 MMT, while unknown destinations acquired 1.15 MMT. For the 2025/26 marketing year, 581,183 metric tons were sold, primarily to Mexico and at the lower end of estimates that ranged from 500,000 to 850,000 metric tons.
Dec 24 Corn closed at $4.21 1/2, gaining 2 1/2 cents.
Nearby Cash was $3.88 1/2, also up 2 1/2 cents.
Mar 25 Corn finished at $4.35, increasing by 3 cents.
May 25 Corn closed at $4.41 3/4, up 2 cents.
On the date of publication, Austin Schroeder did not hold positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.
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