Corn Futures Dip as Harvest Progresses Ahead of Five-Year Average

In the Monday trading session, corn futures fell by ½ to 4 ½ cents, primarily impacting nearby contracts. Underlying this decline was a general risk-off sentiment across commodities, particularly influenced by a $3.81 per barrel drop in crude oil prices. According to cmdtyView, the national average cash corn price also decreased, losing 4 1/4 cents to settle at $3.78 1/4 per bushel.

Export Sales and Crop Production Highlights

Today, the USDA reported private export sales of 124,000 metric tons of corn to Japan, with an additional 120,000 metric tons sold to unspecified destinations. Furthermore, the Weekly Crop Progress data revealed that as of October 27, 81% of the U.S. corn crop has been harvested—significantly ahead of the five-year average by 17 percentage points.

Export Inspections Data for Corn

The USDA’s Export Inspections report indicated that a total of 823,664 metric tons (32.43 million bushels) of corn were shipped during the week ending October 24. This figure represents a 17.73% decline from the previous week but marks a 52.31% increase compared to the same week last year. Mexico emerged as the top destination, importing 386,252 metric tons, while Columbia received 235,441 metric tons. Year-to-date exports now stand at 6.62 million metric tons (260.62 million bushels), a 33% rise over this time last year.

Brazil’s Corn Planting Progress

In Brazil, AgRural reports that the first corn crop is 52% planted as of last Thursday, indicating steady progress in the region.

Corn Futures Close Prices

Dec 24 Corn closed at $4.10 3/4, down 4 1/2 cents.

Nearby Cash was priced at $3.78 1/4, down 4 1/4 cents.

Mar 25 Corn closed at $4.24 3/4, down 4 3/4 cents.

May 25 Corn closed at $4.33 1/4, down 4 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 is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

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