Corn Market Recap

At the beginning of the week, the corn market showed promising signs of gains, only to retreat and close unchanged to slightly lower.

Export Data Insights

The weekly Export Inspections report revealed that 1.24 MMT of corn was shipped in the week ending 3/14. This marked an increase from the previous week and slightly exceeded the same period last year. Additionally, the USDA included 32k MT of corn exports from previous weeks, bringing the total accumulated exports to 23.1 MMT as of 3/14 – a 31% lead over last year’s pace.

International Movement

Ukraine’s Agricultural Ministry reported total grain shipments of 32.4 MMT, with corn constituting 17.4 MMT for the current season. This reflects a 9.4% decrease compared to the previous year, with corn shipments falling behind last year’s levels by 17%.

Argentinian Crop Condition

The latest update from traders at the BAGE highlighted a deterioration in corn conditions in Argentina. The portion of the crop rated as good/excellent decreased to 25%, while the section rated as poor/very poor increased by 4 percentage points to 17%. Harvest for the late-planted corn has just commenced, with approximately 3% completed.

Corn Market Numbers

May 24 Corn closed at $4.36, down 3/4 cent. Nearby Cash settled at $4.11 3/4, down 1/2 cent. Jul 24 Corn closed at $4.48 3/4, down 1/4 cent. Dec 24 Corn closed at $4.70 3/4, unchanged.

On the date of publication, Alan Brugler 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 here.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.