Corn Prices Dip as Exports Reveal Mixed Results
USDA Reports Significant Export Sales Amid Adjusted Global Production Estimates
Corn prices closed Thursday’s trading session lower, with contracts falling 4 to 5 cents across most front months. The national average Cash Corn price reported by cmdtyView decreased by 4 ½ cents to $4.40 ¾.
In a report released by the USDA, a private export sale of 135,000 metric tons of corn was confirmed for shipment to Taiwan in the 2024/25 season.
The USDA’s Export Sales report indicated that 1.024 million metric tons (MMT) of corn for the 2024/25 season were sold in the week ending January 9. This figure surpassed analysts’ expectations, which ranged from 0.5 to 1 MMT. Although this represents an improvement from the previous week, it is 18.1% lower than sales during the same week last year. Japan accounted for the largest portion with 281,300 MT, followed closely by South Korea with 281,200 MT, and Mexico with 234,400 MT. Notably, net cancellations of 409,400 MT were reported for unknown destinations, primarily switched to other locations.
The International Grains Council adjusted its global corn production estimate downward by 6 MMT, reducing stocks by 4 MMT to a total of 272 MMT. This figure marks a 20 MMT decrease from the previous year.
Mar 25 Corn closed at $4.74 ½, down 4 ¼ cents.
Nearby Cash was $4.40 ¾, down 4 ½ cents.
May 25 Corn ended at $4.83, down 5 cents.
Dec 25 Corn closed at $4.52 ¾, down 4 ¼ cents.
New Crop Cash was reported at $4.24 ⅝, down 4 cents.
On the date of publication, Austin Schroeder did not hold any positions in the securities mentioned in this article. All information and data included are provided for informational purposes. For further details, please refer to the Barchart Disclosure Policy here.
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