Corn Market Faces Setbacks Amid Lower Exports

Trading Activity and Price Trends

The corn market struggled on Monday, experiencing losses between 4 and 9 cents. CmdtyView’s national average cash corn price dropped 9 cents to $4.50 3/4.

Current Prices and Historical Context

For February so far, December corn has averaged $4.72, with a few days remaining for base crop insurance price discovery. This compares to last year’s monthly average of $4.66.

Export Inspections Reveal Decline

This morning’s Export Inspections report showed a total of 1.134 MMT (44.66 mbu) of corn exported for the week ending 2/20. This marks a 30.11% decline from the previous week and is also down 11.99% compared to the same week last year. Mexico was the largest importer, accounting for 315,386 MT, followed by Columbia with 264,006 MT, and Japan with 191,190 MT. Cumulatively, marketing year shipments since September 1 have reached 24.874 MMT (1.019 bbu), up 32.34% from last year’s figures.

Brazil’s Planting Progress

Brazil is making significant strides, with AgRural estimating that 64% of the second corn crop was planted as of last Thursday, aligning closely with the five-year average pace.

Market Closing Prices

Mar 25 Corn closed at $4.82 1/2, down 8 3/4 cents.

Nearby Cash stood at $4.50 3/4, down 9 cents.

May 25 Corn finished at $4.97, decreasing by 8 cents.

Dec 25 Corn concluded at $4.70 3/4, down 4 1/4 cents.

New Crop Cash was recorded at $4.39 5/8, down 4 1/2 cents.

On the date of publication, Austin Schroeder did not hold positions, directly or indirectly, in any of the securities mentioned in this article. All information and data provided are for informational purposes only. For more details, please review the Barchart Disclosure Policy here.

More news from Barchart

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