Corn Market Gains Support Amid Mixed Price Trends

The corn market showed signs of stability on Tuesday, with contract prices rising by 4 to 5 cents in the nearby months. However, prices for the December contract slid slightly, decreasing by ¼ cent. The CmdtyView national average Cash Corn price improved by 5 cents, reaching $4.40 1/2.

This morning, the USDA disclosed a private export sale of 240,000 metric tons of corn for the 2024/25 season, with Spain being the purchaser.

Looking ahead, the USDA is set to release its monthly WASDE report on Thursday morning. Analysts anticipate that the U.S. ending stocks projection may be cut by an average of 30 million bushels, potentially bringing the figure down to 1.51 billion bushels. However, estimates vary significantly, ranging from 1.405 billion to 1.605 billion bushels.

May 25 Corn settled at $4.69, reflecting an increase of 4 1/2 cents. Meanwhile, Nearby Cash prices moved up to $4.40 1/2, up by 5 cents. Jul 25 Corn closed at $4.74 3/4, seeing a 4 cent increase.

In contrast, Dec 25 Corn saw a slight decline, closing at $4.45 3/4, down 1/4 cent. Lastly, New Crop Cash held steady at $4.10 1/2, with no change from its previous position.

On the date of publication, Austin Schroeder did not have positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.

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