Corn Market Faces Pressure Amid Weak Wheat Performance

External Factors Influence Prices

After a strong performance last week, the corn market is experiencing downward pressure, attributed to outside influences and a softening wheat market. Contracts fell by 1 to 3 ½ cents. The national average cash corn price from cmdtyView decreased by ¼ cent, settling at $4.04 1/4 per bushel.

Key Market Influences

Today’s market dynamics were affected by several external factors. Crude oil prices dropped by $2.24 per barrel, while the US dollar index rose by 515 points. Additionally, the weakness seen in wheat contributed to the downward trend in corn prices.

Upcoming Reports Delayed

Due to Veterans Day, the reports on export inspections and crop progress will be postponed until Tuesday, impacting how the week begins for traders.

Brazil’s Corn Planting Progress

As of last Thursday, Brazil’s first corn crop was reported to be 72% planted, according to AgRural, highlighting global corn production trends.

Latest Corn Contracts

Dec 24 Corn closed at $4.30, down 1 cent.

Nearby Cash was $4.04 1/4, down ¼ cent.

Mar 25 Corn ended at $4.42 3/4, down 1 ½ cents.

May 25 Corn finished at $4.49 3/4, falling by 1 ¾ 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 is solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.