Corn Futures See Mixed Performance Amid Trade Developments
Corn futures experienced mixed results on Monday, with gains of 3 to 5 cents in nearby contracts. However, new crop strength was absent, as the December contract fell by ¾ cent. The CmdtyView national average cash corn price increased by 4 ½ cents, reaching $4.35 ½.
Trade Negotiations with Japan
One significant concern regarding tariffs stems from a 24% rate imposed on Japan during the most recent round of tariffs. In response, President Trump directed Treasury Secretary Bessent and USTR Greer to initiate negotiations with Japan later on Monday.
Corn Crop Progress Report
The first official crop progress report from the National Agricultural Statistics Service (NASS) indicated that the U.S. corn crop was 2% planted as of April 6. This figure is consistent with the five-year average but slightly behind the same week in 2024.
Weekly Export Inspections
According to Weekly Export Inspections data, corn shipments totaled 1.583 million metric tons (MMT) or 62.3 million bushels (mbu) for the week ending April 3. This represented a decline of 3.89% from the previous week but marked an increase of 8.04% compared to the same week last year. Mexico was the primary destination with 480,801 metric tons, followed by Japan with 383,994 metric tons, South Korea with 194,246 metric tons, and Colombia with 162,845 metric tons. Year-to-date corn shipments now stand at 35.582 MMT (1.4 mbu), reflecting a significant increase of 29.95% from the same period last year.
Corn Prices Snapshot
May 25 Corn closed at $4.64 ½, up 4 ¼ cents.
Nearby Cash was reported at $4.35 ½, rising by 4 ½ cents.
Jul 25 Corn closed at $4.70 ¾, an increase of 3 ½ cents.
Dec 25 Corn closed at $4.46, down ¾ cent.
New Crop Cash reached $4.10 5/8, decreasing by ¼ cent.
On the date of publication, Austin Schroeder did not hold (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.
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