Mixed Signals in the Corn Market as December Options Expire

The corn market is experiencing slight fluctuations this Friday, coinciding with the expiration of December options. Currently, the national average Cash Corn price, reported by cmdtyView, has decreased by ½ cent to $4.03 ¼ per bushel.

Market Pressures from Wheat and Strong Dollar

Influences from midday declines in wheat and a surge in the US dollar index, reaching its highest level since November 2022, are applying pressure on corn prices.

Export Sales Data Shows Promising Trends

Recent export sales figures indicate that accumulated corn shipments total 9.327 million metric tons (MMT), reflecting a 31% increase from last year. This represents 16% of the USDA’s projected exports, surpassing the early marketing year average of 13%. Total commitments have shown a 39% year-over-year growth, now reaching 31.396 MMT, or 53% of the USDA’s overall estimate, which is 7% ahead of the typical pace.

Current Corn Prices

Dec 24 Corn stands at $4.26 ½, a drop of ¼ cent.

Nearby Cash is priced at $4.03 ¼, down ½ cent.

Mar 25 Corn remains unchanged at $4.36 ¼.

May 25 Corn sees a slight increase of ¼ cent, now at $4.43 ½.

On the date of publication,
Austin Schroeder
did not hold any positions in the securities discussed in this article. All data presented is for informational purposes only. For further details, please review the Barchart Disclosure Policy
here.

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