Corn Futures Rise Ahead of USDA Report, Export Data Shows Strong Demand
Corn futures closed higher on Monday, buoyed by buying activity before the upcoming USDA reports. Contracts increased by 1 to 3 ¼ cents. The national average Cash Corn price reported by cmdtyView rose by 1 3/4 cents to $4.14.
Strong Export Inspections Signal Demand
Latest USDA Weekly Export Inspections report revealed that 1.05 MMT (41.3 mbu) of corn was shipped in the week ending December 5. This marks a 10.63% increase from a year ago and a 44.72% rise compared to the same week in 2024. Among the significant recipients, Mexico received 345,445 MT, while Japan and South Korea imported 268,790 MT and 130,676 MT, respectively. The total inspections since September 1 now stand at 12.133 MMT (477.65 mbu), reflecting an impressive increase of 31.97% from last year and reaching a six-year high.
Anticipation Builds for USDA’s WASDE Report
The USDA plans to publish its monthly WASDE report on Tuesday. According to a Reuters survey of analysts, a reduction in carryout is anticipated by 32 mbu to 1.906 bbu, with estimates ranging from 1.863 to 1.938 bbu. Globally, stocks are expected to decline by 0.57 MMT to 304.14 MMT.
Closing Prices for December and March Corn Contracts
December 24 Corn settled at $4.34, recording an increase of 3 1/4 cents.
Nearby Cash prices reached $4.14, up 1 3/4 cents.
March 25 Corn closed at $4.41 3/4, up 1 3/4 cents.
May 25 Corn finished at $4.47 3/4, gaining 2 1/2 cents.
On the date of publication, Austin Schroeder did not hold (either directly or indirectly) any positions in the securities mentioned in this article. All information and data in this article are solely for informational purposes. For more details, 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.
