Midday Corn Prices Dip: Weekly Export Sales Highlighted
Market Update on Corn Prices
Corn prices are experiencing a midday decline on Thursday, with contracts dropping 3 to 4 cents after recovering from earlier lows. The national average Cash Corn price, reported by cmdtyView, fell by 3 3/4 cents to $4.40 1/4.
Export Activity Draws Attention
This morning, the USDA announced a private export sale of 135,000 MT of corn to Taiwan for shipment in 2024/25. Additionally, the USDA’s Export Sales report revealed that 1.024 MMT of 2024/25 corn was sold during the week ending January 9. This number surpassed analysts’ expectations, which ranged from 0.5 to 1 MMT. However, it was 18.1% lower compared to the same week last year. Japan emerged as the top destination, accounting for 281,300 MT, followed closely by South Korea with 281,200 MT and Mexico with 234,400 MT. Notably, there were net cancellations of 409,400 MT, mainly switched to another destination.
Global Production Adjustments
The Rosario Grains Exchange has revised its estimate for Argentina’s corn crop to 48 MMT, down from a previous forecast of 50-51 MMT. Furthermore, the International Grains Council has reduced its global corn production estimate by 6 MMT. Consequently, world stocks have been cut by 4 MMT to 272 MMT, reflecting a significant drop of 20 MMT from the prior year.
Current Prices Overview
Mar 25 Corn is trading at $4.75, down 3 3/4 cents.
Nearby Cash is at $4.40 1/4, down 3 3/4 cents.
May 25 Corn stands at $4.84, down 4 cents.
Dec 25 Corn is at $4.53, down 4 cents.
New Crop Cash is at $4.24 3/4, down 3 3/4 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 are intended solely for informational purposes. For further details, please view the Barchart Disclosure Policy here.
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