Corn Futures Decline Amid Export Deals and Planting Updates
Corn futures experienced a decline on Tuesday, with front-month contracts dropping 13 to 15 cents. The new crop December futures decreased by just 5 ¾ cents. The CmdtyView national average cash corn price also fell by 13 ¼ cents, bringing it to $4.36 ¼.
Export Sales Reported
This morning, the USDA announced a private export sale of 120,000 metric tons of corn to Spain for shipment scheduled in 2024/25.
Ethanol Production and Crop Progress Insights
Following last week’s rebound, the upcoming EIA ethanol production report, expected Wednesday, might show production steady or slightly lower. In terms of crop development, data released Monday indicated that 24% of the U.S. corn crop was planted as of April 27, surpassing the five-year average of 22% for the same date. However, several Eastern Corn Belt states including Illinois, Indiana, Kentucky, North Carolina, Pennsylvania, Tennessee, and Wisconsin are behind their typical planting timelines.
Looking at regional weather, precipitation in the Northern Plains and areas of Iowa, Minnesota, and Wisconsin is projected to be minimal over the following week, with lighter rainfall expected in Illinois and Indiana.
Recent Corn Purchases
In the latest trade developments, a Taiwanese importer acquired 65,000 metric tons of U.S. corn overnight. Additionally, South Korea purchased a total of 66,000 metric tons of corn in a Tuesday tender.
Current Futures Prices
May 25 Corn closed at $4.60 ½, down 15 cents.
Nearby Cash was $4.36 ¼, down 13 ¼ cents.
Jul 25 Corn closed at $4.70 ¼, down 13 cents.
Dec 25 Corn closed at $4.44 ½, down 5 ¾ cents.
New Crop Cash was $4.07, down 6 cents.
On the date of publication, Austin Schroeder did not hold any positions—either directly or indirectly—in any of the securities mentioned in this article. All information and data are for informational purposes only. For further details, 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 the views of Nasdaq, Inc.
