Corn Futures See Minor Gains Ahead of Christmas Break

Market Insights for the Week: Early Closures and Steady Exports

Corn futures wrapped up trading before Christmas with prices steady to up by 1 ½ cents across the board. The national average Cash Corn price, according to cmdtyView, rose by 3/4 cent to $4.19 ¼.

Trading will close early on Tuesday and remain closed all day Wednesday in observance of Christmas. The release of weekly EIA data is postponed to Thursday morning, where many analysts expect ethanol production to stabilize after it rose above 1.1 million bpd last week. Additionally, Export Sales data will be published on Friday morning.

The weekly Export Inspections report issued on Monday indicated that a total of 1.123 million metric tons (MMT) or 44.21 million bushels (mbu) of corn were exported for the week ending December 19. This figure represents an 8.51% decline compared to the same week in the previous year and is 1.66% less than the total for the prior week. So far this marketing year, which began on September 1, shipments have reached 14.436 MMT (568.3 mbu), marking a 26.84% increase from the same timeframe last marketing year.

Mar 25 Corn closed at $4.48 1/2, increasing by 3/4 cent.

Nearby Cash reached $4.19 1/4, also up by 3/4 cent.

May 25 Corn finished at $4.55, up by 1 1/2 cents.

Jul 25 Corn closed at $4.57 1/4, gaining 1 1/2 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 is solely for informational purposes. For more information, please view the Barchart Disclosure Policy
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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.