Corn Market Sees Modest Gains Ahead of Christmas
Contracts rise 1 to 2 cents as cash prices and export updates shape this week’s trends.
The corn market is experiencing slight gains as the Christmas week begins, with contracts up 1 to 2 cents by midday. According to cmdtyView, the national average Cash Corn price has increased by 1 1/2 cents, now sitting at $4.18 1/2.
This morning, the USDA reported a private export sale of 132,000 metric tons of corn to undisclosed destinations for shipping in the 2024/25 season.
The weekly Export Inspections report released today indicated a total of 1.123 million metric tons (44.21 million bushels) of corn was shipped during the week ending December 19. This figure reflects an 8.51% decrease from the same week last year and is also 1.66% lower than the previous week. Of these shipments, 319,352 metric tons were destined for Japan, while 265,876 metric tons were on their way to Mexico. Since September 1, total shipments for the marketing year have reached 14.436 million metric tons (568.3 million bushels), which is 26.84% higher compared to the same week last marketing year.
Commitment of Traders data showed that managed money spec funds reduced their net long positions in corn futures and options by 6,475 contracts for the week ending December 17. Their net long position was recorded at 159,415 contracts on Tuesday. Meanwhile, commercials increased their net short position by 10,590 contracts, totaling 396,690 contracts.
Mar 25 Corn is priced at $4.47 3/4, up 1 1/2 cents.
Nearby Cash stands at $4.18 1/2, an increase of 1 1/2 cents.
May 25 Corn is currently at $4.53 1/2, up 1 3/4 cents.
Jul 25 Corn is marked at $4.55 3/4, an increase of 1 1/4 cents.
On the date of publication, Austin Schroeder did not hold (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data are provided solely for informational purposes. For further details, please refer to 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.
