Corn Market Retreats After Early Week Surge

Weak Export Sales Weigh on Prices and Brazilian Production Adjustments

The corn market concluded Thursday’s trading session with contracts dropping between ½ to 6 ¼ cents, reversing an early week rally. According to cmdtyView, the national average Cash Corn price fell by 5 cents to $4.15.

In the latest weekly Export Sales report, corn bookings for the 2024/25 season reached an 11-week low of 946,863 MT. This figure fell short of expectations, which ranged from 1.1 to 1.9 MMT for the week that ended on December 5. Compared to last week, this represents a decline of 45.3%, and it is also down 33.3% from the same week last year. The largest export buyer was Columbia, which purchased 257,900 MT, followed by Mexico at 194,900 MT.

This morning, CONAB released data indicating that Brazilian corn production is projected to be 119.63 MMT for the entire crop, a decrease of 0.18 MMT from last month. This adjustment was attributed to the first corn crop, while predictions for the second crop remained consistent at 94.63 MMT.

Dec 24 Corn closed at $4.31 3/4, down 6 1/4 cents.

Nearby Cash was at $4.15, down 5 cents.

Mar 25 Corn closed at $4.43 1/2, down 4 3/4 cents.

May 25 Corn closed at $4.51, down 4 1/2 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 those of the author and do not necessarily reflect those of Nasdaq, Inc.