Corn Prices Rise as Export Figures Impress
Corn Futures Experience Gains Amid Strong Export Data
Corn futures climbed by 3 to 7 cents on Tuesday, with the nearby March contract closing just a dime shy of $5. Other nearby contracts also finished near this mark. The national average cash corn price, according to cmdtyView, increased by 5 3/4 cents to reach $4.55 3/4.
Recent data on export inspections revealed that a total of 1.541 MMT (or 60.68 million bushels) of corn was shipped during the week ending January 16. This figure is more than double that of the same week last year and stands at 6.88% higher than the previous week. Japan topped the list of destinations with 405,010 MT, followed by Mexico at 347,525 MT and South Korea at 274,155 MT. Year-to-date shipments have now reached 19.25 MMT (757.8 million bushels), reflecting a significant 30.54% increase compared to last year.
In political developments, President Trump indicated a softer stance on tariffs, postponing implementation to reassess current trade agreements and policies with China, Canada, and Mexico. He mentioned a possible February 1 start date for 25% tariffs on imports from Mexico and Canada, further emphasizing the ongoing negotiations.
Meanwhile, AgRural has reported that as of last Thursday, the first corn crop in Brazil’s Center-South region is 4.1% harvested, while the second crop is recorded at 0.3% planted.
Mar 25 Corn closed at $4.90, a rise of 5 3/4 cents.
Nearby Cash prices reached $4.55 3/4, up 5 3/4 cents.
May 25 Corn finished at $4.99 3/4, gaining 6 3/4 cents.
Dec 25 Corn settled at $4.59 3/4, increasing by 3 3/4 cents.
New Crop Cash prices were $4.31 3/4, up by 3 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 are for informational purposes only. For more information, 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.
