Corn Market Pressured as Bulls Struggle to Maintain Stability

Wheat Influences Prices Amid New Export Sales

The corn market is facing challenges at midday. Prices are down by 1 to 3 cents, partly due to pressure from wheat markets. As for the national average Cash Corn price, it has decreased by 1 1/4 cents, now sitting at $4.02 1/4 per bushel.

In a notable development, the USDA reported private export sales of 401,357 metric tons (MT) of corn to Mexico. Additionally, 290,820 MT was sold to unspecified destinations, all anticipated for the 2024/25 marketing year.

As of November 10, the Crop Progress report indicated that 95% of the corn crop has been harvested, which is significantly higher than the 84% average pace for this time of year.

Moreover, South Korean importers saw varying tenders, purchasing between 133,000 and 138,000 MT of corn overnight, though no specific origins were disclosed.

Dec 24 Corn is trading at $4.27 1/4, down 1 1/4 cents.

Nearby Cash is currently at $4.02 1/4, also down 1 1/4 cents.

Mar 25 Corn prices have reached $4.37 3/4, down by 2 1/2 cents.

May 25 Corn is priced at $4.44 3/4, marking a decline of 2 1/2 cents.

On the publication date, Austin Schroeder did not hold any positions in the securities mentioned in this article. All information provided is for informational purposes only. For additional details, please refer to the Barchart Disclosure Policy here.

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