Corn Futures Rise Ahead of Key USDA Report
Corn futures are experiencing positive movement as we approach the USDA report due on Friday. Most contracts saw increases of 1 to 2 ½ cents, with the national average cash corn price from cmdtyView rising by 1 ½ cents to $4.26 3/4.
This week’s Export Sales report has been postponed to Friday because government offices are closed in observance of a National Day of Mourning for President Carter’s funeral. It is anticipated that this report will indicate 0.7 to 1.4 million metric tons (MMT) of corn bookings for the 2024/25 season for the week ending January 2. Additionally, sales for the 2025/26 season are forecasted to range between 0 and 100,000 metric tons.
The USDA will publish its annual Crop Production report Friday morning. Analysts surveyed by Reuters predict a yield decrease of 0.4 bushels per acre to 182.7 bushels per acre. Production estimates suggest a decline of 48 million bushels (mbu) to 15.095 billion bushels (bbu), reflecting a slight reduction in harvested acres. The report will also feature Grain Stocks data, with expectations that December 1 corn stocks will be 12.147 billion bushels, which would be a reduction of 24 million bushels compared to last year if accurate. The World Agricultural Supply and Demand Estimates (WASDE) report is projected to show U.S. ending stocks at 1.675 billion bushels.
On the global front, analysts predict minimal changes for the Brazilian corn crop, maintaining an estimate of 127 MMT, while the Argentine corn crop is expected to decline by 0.5 MMT to 50.5 MMT. World ending stocks are projected at 294.80 MMT, a drop of 1.64 MMT from December’s figures.
South Korea’s importers made overnight purchases of 65,000 MT of corn, sourced from either the U.S. or South America.
Mar 25 Corn closed at $4.56, rising by 2 cents.
Nearby Cash was recorded at $4.26 3/4, an increase of 1 ½ cents.
May 25 Corn concluded at $4.64 1/2, also up 2 cents.
Jul 25 Corn finished at $4.68, marking a 2 ¼ cent gain.
On the date of publication, Austin Schroeder did not have (either directly or indirectly) 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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