Corn Market Shows Steady Gains Amid Rising Export Demand
Cash Corn Prices Increase as USDA Prepares for Key Crop Report
The corn market concluded Tuesday with contracts rising by 1 to 2 cents, fueled by ongoing export activity. The national average Cash Corn price from cmdtyView saw a bump of 2 1/2 cents, reaching $3.90 3/4 per bushel.
This morning, the USDA announced a private export sale of 124,000 metric tons of corn for the 2024/25 season to undisclosed locations.
An updated Crop Production report from the USDA is expected on Friday. Analysts surveyed by Reuters anticipate an average yield estimate of 183.7 bushels per acre, a slight decrease of 0.1 bushels per acre from the previous month. Estimates for total production stand at 15.189 billion bushels, with projections ranging from 15.075 billion to 15.3 billion bushels.
Recent census data indicated that corn exports reached 4.279 million metric tons (168.44 million bushels) in September, marking the highest level in six years for that month. This figure represents a 35.61% increase compared to last year, although it is down 17.02% from August. Distillers’ shipments decreased by 1.79% year-over-year, totaling 1.012 million metric tons in September. Notably, ethanol exports hit a monthly record of 148.49 million gallons, which is an increase of 5.17% from the previous month. Furthermore, sorghum shipments reached 473,627 metric tons, a nine-year monthly high.
Key closing prices for corn included:
- Dec 24 Corn: $4.18 1/2, up 2 cents
- Nearby Cash: $3.90 3/4, up 2 1/2 cents
- Mar 25 Corn: $4.32, up 2 cents
- May 25 Corn: $4.39, up 1 3/4 cents
On the date of publication, Austin Schroeder did not hold any positions in the securities mentioned in this article. All information and data provided here are for informational purposes only. For further details, please view the Barchart Disclosure Policy here.
The views and opinions expressed in this article are those of the author and do not necessarily reflect those of Nasdaq, Inc.
