Market Update: Corn Futures Open Lower, Export Sales Provide Support

Corn futures are off to a slow start, with contracts trading slightly lower this morning. On Tuesday, the corn market saw contracts close 1 ¼ to 3 ¼ cents down. According to cmdtyView, the national average Cash Corn price fell by 1 ¾ cents, now sitting at $4.14 ½.

In a positive note for the sector, the USDA announced a private export sale of 170,400 metric tons of corn to Mexico for shipment in 2024/25.

New government funding legislation is expected to allow E15 sales year-round, making changes to previous restrictions that banned sales during summer months.

Brazil’s corn exports for December are estimated at 4.1 million metric tons, which reflects an increase of 0.13 million metric tons from prior estimates, according to ANEC. Additionally, a South Korean importer has purchased a total of 66,000 metric tons of corn in a recent tender.

As for specific futures quotes, the Mar 25 Corn closed at $4.43 1/2, down 1 ½ cents, and is currently down an additional ¼ cent. The Nearby Cash price was recorded at $4.14 1/2, marking a decrease of 1 ¾ cents.

The May 25 Corn closed at $4.50, down 1 ¾ cents, and is presently down ½ cent, while the Jul 25 Corn ended at $4.53 1/4, also down 1 ¾ cents, and is currently down ¾ cent.

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.

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