Corn Futures Show Resilience Amid Market Declines
Export Sales Help Keep Corn Prices Steady
Corn futures remained steady on Tuesday, even with significant losses in the soybean and wheat markets, as well as a stronger U.S. dollar. Support from export sales helped limit corn’s losses to between 1 ¼ and 3 ¼ cents. The national average cash corn price reported by cmdtyView decreased by ¾ cent to $4.04 ½ per bushel.
This morning, the USDA announced a private export sale of 110,500 metric tons (MT) of corn to Mexico, scheduled for delivery in the 2024/25 period.
Harvest Progress Exceeds Expectations
According to the latest Crop Progress data, the corn harvest is reported at 95% completed as of November 10, significantly above the average of 84% for this time of year.
Weekly Export Numbers Reflect Mixed Trends
The weekly Export Inspections report from FGIS indicated that 793,012 MT (31.22 million bushels) of corn were exported in the week ending November 7. This marks a slight decrease of 0.58% from the previous week; however, it is up 10.35% compared to the same week last year. Top destinations included Mexico, receiving 393,104 MT, followed by Colombia with 136,377 MT. Cumulatively, marketing year shipments now stand at 8.235 MMT (324.2 million bushels), reflecting a 31.32% increase over the same timeframe last year.
Brazil’s Export Forecast Adjusts Upward
ANEC has increased its projection for Brazilian corn exports in November to 5.38 MMT, adjusting up by 0.61 MMT from the previous estimate.
Current Corn Futures Prices
Dec 24 Corn closed at $4.28 ½, down 1 ½ cents.
Nearby Cash was recorded at $4.04 ½, down ¾ cent.
Mar 25 Corn closed at $4.40 ¼, down 2 ½ cents.
May 25 Corn closed at $4.47 ¼, down 2 ½ 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 intended 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.
