Corn Market Sees Slight Gains as USDA Report Approaches

Minor Increases in Prices and Changes in Trader Positions

Corn has edged up by a penny early on Monday. Prior to the weekend, the corn market experienced a rally, with contracts rising by 2.5 to 5 cents on Friday. For the week, March futures increased by 7 cents. On Friday, preliminary open interest also rose by 20,781 contracts. The national average cash corn price, according to cmdtyView, climbed by 4.75 cents to $4.12 1/4.

Recent Commitment of Traders data indicates that speculative funds in corn futures and options cut their net long position by 9,222 contracts, bringing their total net long down to 88,220 contracts as of December 3. In contrast, commercial traders increased their net short position by 4,322 contracts, reaching a total of 303,385 contracts that week.

Looking ahead, the USDA is set to release its monthly WASDE report on Tuesday. A Reuters survey of analysts predicts a reduction in carryout by 32 million bushels, resulting in a total estimate of 1.906 billion bushels. The estimates range from 1.863 billion to 1.938 billion bushels.

Export sales data has reported corn shipments at 11.384 million metric tons, which is 31% higher than last year and accounts for 19% of the USDA’s export projection, compared to the typical 16% average pace. Total commitments are up 39% year-over-year, registered at 34.191 million metric tons, equating to 58% of the USDA’s full-year estimate, surpassing the normal pace by 8%.

For December 2024 corn, the closing price was $4.30 3/4, reflecting an increase of 4 1/4 cents, and it is currently up by 2 cents. The nearby cash price is $4.12 1/4, up 4 3/4 cents.

For March 2025 corn, the closing price was $4.40, marking a 5-cent gain, and it is presently up 3/4 cent. The May 2025 corn closed at $4.45 1/4, also showing an increase of 4 3/4 cents, with a current rise of 1 cent.

On the date of publication, Austin Schroeder did not hold any positions (either directly or indirectly) in any of the securities mentioned in this article. All information and data in this article are for informational purposes only. For more details, 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.