Corn Futures See Slight Gains Amid Market Updates
Corn futures experienced modest gains on Thursday, rising by 1 to 2 cents. The national average Cash Corn price, according to cmdtyView, increased by 1.5 cents to $4.26 3/4. Notably, the markets will close early today at 12:15 p.m. CST.
Delay in Export Sales Report
The weekly Export Sales report is postponed until Friday due to a National Day of Mourning for President Carter’s funeral. Analysts anticipate the report will reveal corn bookings for 2024/25 ranging between 0.7 to 1.4 million metric tons (MMT) for the week ending January 2. Meanwhile, sales for the 2025/26 period are expected to be between 0 and 100,000 MT.
Key USDA Reports Coming This Friday
The USDA is set to release its annual Crop Production report Friday morning. Analysts surveyed by Reuters predict a decrease of 0.4 bushels per acre (bpa) in yield, bringing it to 182.7 bpa. They also expect production to decline by 48 million bushels (mbu) to 15.095 billion bushels (bbu), owing to a slight reduction in harvested acres. Additionally, the Grain Stocks report is anticipated to show December 1 corn stocks at 12.147 billion bushels, marking a decrease of 24 mbu from last year, if these estimates hold true. The WASDE report is expected to set the US ending stocks total at 1.675 bbu.
South Korean Movement in Corn Imports
In recent transactions, South Korean importers secured a total of 65,000 MT of corn, sourced from either the US or South America.
Current Corn Prices
Mar 25 Corn is priced at $4.55 3/4, showing an increase of 1 3/4 cents.
Nearby Cash is at $4.26 3/4, up 1 1/2 cents.
May 25 Corn stands at $4.64, with an increase of 1 1/2 cents.
Jul 25 Corn is valued at $4.67, which is up 1 1/4 cents.
On the date of publication, Austin Schroeder did not hold any positions, directly or indirectly, in any of the securities mentioned in this article. All information and data in this article are intended for informational purposes only. Please view the Barchart Disclosure Policy here.
The views expressed herein are those of the author and do not necessarily reflect the views of Nasdaq, Inc.
