Corn Futures Show Stability Amid Market Fluctuations
In early Friday trading, corn futures are holding steady. Thursday’s market ended with contracts down ½ to 6 ¼ cents, pulling back from a rally earlier in the week. Additionally, there were 107 deliveries against December corn futures reported overnight, coinciding with the contract expiration taking place today. The national average Cash Corn price, according to cmdtyView, declined by 5 cents to $4.15.
Weak Export Sales Highlight Market Challenges
This week’s Export Sales report revealed an 11-week low in corn bookings for the 2024/25 crop year, with a total of 946,863 MT. This total fell short of the expected range of 1.1 to 1.9 MMT for the week ending on December 5. Moreover, this figure represents a significant 45.3% decline from the previous week and is 33.3% lower compared to the same week last year. The largest purchase came from Columbia, which bought 257,900 MT, while Mexico secured 194,900 MT.
Brazil’s Production Predictions Decline Slightly
Recent data from CONAB, shared on Thursday morning, forecasts Brazil’s total corn production at 119.63 MMT, reflecting a decrease of 0.18 MMT from the previous month. Notably, this adjustment stems entirely from projections for the first crop, as predictions for the second crop remain unchanged at 94.63 MMT.
Current Market Prices
Dec 24 Corn closed at $4.31 3/4, down 6 1/4 cents, but is currently up 1 cent.
Nearby Cash is at $4.15, which is down 5 cents.
Mar 25 Corn ended at $4.43 1/2, a decrease of 4 3/4 cents, and is currently unchanged.
May 25 Corn closed at $4.51, down 4 1/2 cents, and remains unchanged.
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 included here are for informational purposes only. For more information, view the Barchart Disclosure Policy
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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
