Corn Prices Steady Amid Strong Harvest Progress
Corn Futures Reflect Market Stability as Harvest Surges Ahead
Corn futures wrapped up the Tuesday trading session mostly stable, with contracts rising by up to 3 cents, driven by the front months. The national average Cash Corn price reported by cmdtyView increased by 3.5 cents to $3.82 3/4 per bushel.
So far this October, December corn futures have averaged a closing price of $4.17, which stands 49 cents below the February base insurance price. This pricing context is crucial as farmers assess their risk management strategies.
According to the Weekly Crop Progress data, 81% of the U.S. corn crop was harvested by October 27, significantly ahead of the 5-year average by 17 percentage points. Among the 18 states tracked by the USDA, only Colorado is reported to be behind the usual pace.
Market watchers are awaiting EIA data, set to be released on Thursday, which is expected to show ethanol production levels around last week’s figure of 1.081 million barrels per day.
In international trade, ANEC forecasts that October corn exports from Brazil will reach 5.92 million metric tons (MMT). This estimate marks a slight decline of 0.32 MMT from the previous week and is significantly lower than last year’s total of 8.45 MMT. Additionally, a South Korean importer has made a move to buy approximately 136,000 MT of corn, sourcing from the U.S., South America, or South Africa.
Dec 24 Corn closed at $4.13 3/4, gaining 3 cents.
Nearby Cash settled at $3.82 3/4, up 3 1/2 cents.
Mar 25 Corn ended at $4.27, rising by 2 1/4 cents.
May 25 Corn concluded at $4.35, increasing by 1 3/4 cents.
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 contained in this article are for informational purposes only. 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 the views of Nasdaq, Inc.
