Corn Futures Climb as New Crop Gains Momentum

Cash Corn Prices Increase While Ethanol Stocks Surge

Corn futures experienced solid gains across all contracts on Thursday, with prices rising by 4 to 6 cents. The national average Cash Corn price reported by cmdtyView is now $4.55 1/2, reflecting an increase of 5 1/4 cents.

Production and Export Activity Revealed

In the week ending January 17, the Weekly EIA reported production totaling 1.099 million barrels per day (bpd), marking a decline of 4,000 bpd from the previous week. Ethanol stocks exceeded expectations at 25.874 million barrels, up by 866,000 barrels from the prior week. Additionally, exports rose by 44,000 barrels to reach 169,000 bpd.

Export Sales Predictions for Upcoming Corn Seasons

For the week ending January 16, Export Sales for 2024/25 corn are estimated to fall between 0.7 and 1.7 million metric tons (MMT), with bookings for 2025/26 expected to range from 0 to 50,000 metric tons.

Crop Conditions in Argentina Under Scrutiny

While crop condition ratings in Argentina have shown a decline, recent rains in some crucial regions may help. The Buenos Aires Grain Exchange has adjusted its crop estimate down by 1 MMT to 49 MMT.

Closing Prices for Corn Futures

Mar 25 Corn closed at $4.89 3/4, an increase of 5 1/2 cents.

Nearby Cash was reported at $4.55 1/2, up 5 1/4 cents.

May 25 Corn closed at $4.99 1/4, rising by 5 1/4 cents.

Dec 25 Corn finished at $4.64 1/4, up 4 3/4 cents.

New Crop Cash was priced at $4.35 7/8, up 4 1/2 cents.

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

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