Corn Market Steady with Minimal Changes Following USDA Update

The corn market remains close to pre-report trading levels, with futures rising slightly by 3 cents on Tuesday. The USDA data released today showed no major updates. CmdtyView’s national average Cash Corn price has increased by 3 cents, bringing it to $4.35 1/2.

USDA Balance Sheet Updates

According to the USDA’s revised balance sheet from this morning, the US carryout is projected at 1.54 billion bushels, which is higher than expectations that predicted a decrease of 24 million bushels.

Global Market Insights

On the international front, the USDA also left South American crop estimates unchanged, keeping Argentina’s production at 50 million metric tons (MMT) and Brazil’s at 126 MMT. However, the world ending stocks for 2024/25 saw a reduction of 1.37 MMT, which was below the average trade estimates. This decline occurred despite a global production increase of 1.7 MMT. The primary reason for the lower stocks was a 1.86 MMT reduction in carryover from the 2023/24 season, driven largely by a 3 MMT cut in Brazil’s production total from last year.

Recent Purchases

In recent trade activity, a South Korean importer purchased a total of 133,000 metric tons of corn overnight.

Current Corn Prices

Mar 25 Corn is priced at $4.60, up 1 1/4 cents.

Nearby Cash stands at $4.35 1/2, an increase of 3 cents.

May 25 Corn is valued at $4.74 3/4, up 2 3/4 cents.

Dec 25 Corn is trading at $4.55 3/4, with an increase of 3/4 cent.

New Crop Cash is at $4.20 0/1, up 1/2 cent.

On the date of publication,

Austin Schroeder

did not hold (either directly or indirectly) any positions in 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.

 

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