Corn Futures Decline Amid Soybean Weakness

Market Update: Cash Corn Prices and Export Sales

On Wednesday, corn futures dropped due to weakness in soybean markets, with contracts closing down between 3 ¼ and 6 ¼ cents. According to cmdtyView, the national average cash corn price decreased by 6 cents, settling at $4.08 1/4.

This morning, the USDA announced a private export sale of 135,000 metric tons (MT) of corn to Colombia, scheduled for shipment in the 2024/25 season.

In a report from the EIA, ethanol production reached 1.103 million barrels per day for the week ending December 13, reflecting a 25,000 barrels per day increase compared to the previous week. However, ethanol stocks fell by 12,000 barrels, totaling 22.636 million barrels as of last Friday. Exports increased that week, reaching 163,000 barrels per day—a jump of 40,000 barrels per day—with refiner inputs rising by 20,000 barrels per day to 903,000 barrels per day.

On Thursday morning, the Export Sales data is expected to reveal estimates ranging from 0.8 to 1.6 million metric tons for corn sales in 2024/25, with anticipations of 0 to 100,000 MT for 2025/26 sales.

Mar 25 Corn closed at $4.37 1/4, down 6 1/4 cents.

Nearby Cash was $4.08 1/4, down 6 cents.

May 25 Corn closed at $4.43 3/4, down 6 1/4 cents.

Jul 25 Corn closed at $4.47 1/4, down 6 cents.

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 are solely for informational purposes. For more information, please view the Barchart Disclosure Policy
here.

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