Corn Futures Show Mixed Results Amid Export Gains
December Contracts Lead with a Slight Increase
Corn futures wrapped up the Monday session with mixed results. The December contract saw a gain of 2 cents, while other contracts varied in performance. According to cmdtyView, the national average cash corn price rose by 2 ½ cents, reaching $3.87 ¼ per bushel.
Export Sales and Increasing Harvest Progress
This morning, the USDA announced private export sales of corn, reporting 150,000 metric tons sold to Mexico and another 120,000 metric tons to unknown destinations. These sales are intended for the 2024/25 marketing year.
As of November 3, NASS Crop Progress data indicated that 91% of the U.S. corn harvest is complete, exceeding the 5-year average of 75%.
Export Inspections and Shipment Numbers
Export inspections data revealed that 779,078 metric tons (or 30.67 million bushels) of corn were shipped during the week ending October 31. This figure represents a 7.3% decline from the previous week, but a notable 35.6% increase compared to the same week last year. Out of this total, 521,067 metric tons were sent to Mexico, while Japan received 83,013 metric tons. Overall marketing year-to-date shipments have reached 7.423 million metric tons (292.24 million bushels), marking an impressive 33.7% rise from the same period last year.
Crop Yield Estimates Shift Slightly
A recent estimate from StoneX for the U.S. corn crop projects a yield of 183.7 bushels per acre, a slight decrease from their previous forecast of 184 bushels per acre.
Market Closing Prices
Dec 24 Corn closed at $4.16 ½, up 2 cents.
Nearby Cash was $3.87 ¼, increasing by 2 ½ cents.
Mar 25 Corn closed at $4.30, up ¾ cent.
May 25 Corn remained unchanged at $4.37 ¼.
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.
