Corn Prices Decline as Market Faces Headwinds

Corn futures closed lower on Thursday, with contracts falling by 3 ½ to 4 ½ cents. The market struggled under pressure from lower grain prices and a strengthening US dollar, which hit one-year highs. According to cmdtyView, the national average cash corn price decreased by 3 1/4 cents to $4.04 3/4 per bushel.

Export Sales Show Promising Numbers

This morning’s export sales report revealed that 1.495 million metric tons (MMT) of corn for the 2024/25 season were sold for the week ending November 14. This figure falls within the anticipated range of 1 to 2.2 MMT and marks a 13.7% increase from the previous week. Mexico was the top buyer, purchasing 787,400 MT, followed by unknown buyers at 146,300 MT, and Japan acquiring 132,100 MT.

South Korea Increases Corn Imports

Additionally, two separate South Korean importers recently bought a total of 136,000 MT of corn through private tenders overnight.

International Grain Council Reports Higher Production

The monthly report from the International Grains Council indicates an increase in global corn production, rising by 1 MMT to reach 1.225 billion MT. This, combined with a 4 MMT increase in usage, has led to a reduced stocks projection, now estimated at 275 MMT.

Closing Prices for Corn Futures

Dec 24 Corn closed at $4.26 3/4, down 3 1/2 cents.

Nearby Cash was $4.04 3/4, down 3 1/4 cents.

Mar 25 Corn ended at $4.36 1/4, down 3 3/4 cents.

May 25 Corn closed at $4.43 1/4, also down 3 3/4 cents.

On the date of publication, Austin Schroeder did not hold positions in any of the mentioned securities. All information and data are for informational purposes only. For further details, please view the Barchart Disclosure Policy here.

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