Corn Prices Climb Amid Strong Export Commitments and Market Insights

Corn markets are witness to bullish activity, as contracts have increased between 1 and 6 cents by midday. Notably, there were 23 deliveries against March corn futures overnight. According to CmdtyView, the national average Cash Corn price has risen by 4 3/4 cents, now standing at $4.28 1/4.

New export sales data indicates total corn export commitments reach 49.567 million metric tons (MMT), representing a 26% increase from last year. This figure corresponds to 80% of the USDA’s current export forecast, surpassing the average pace of 77% typical for this time of year.

Commodity Bulletin:

Ahead of the USDA report scheduled for next week, industry analysts anticipate a reduction of 24 million bushels (mbu) in the US corn carryout projection, projecting it down to 1.516 billion bushels (bbu).

Moreover, Brazilian trade statistics released this morning reveal that corn exports totaled 1.432 MMT in February, a decrease from the 1.713 MMT exported in the same month last year. In trade developments, a South Korean importer has successfully acquired 131,000 MT of corn through a recent tender.

Current Corn Futures and Cash Prices

March 25 Corn is now priced at $4.54 3/4, which marks a rise of 5 1/4 cents.

Nearby Cash remains at $4.28 1/4, up 4 3/4 cents.

May 25 Corn futures show a price of $4.68 1/2, up 4 1/2 cents.

December 25 Corn is trading at $4.52 1/2, up 1 1/2 cents.

New Crop Cash stands at $4.17, reflecting an increase of 2 1/4 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 in this article is for informational purposes only. Please view the Barchart Disclosure Policy here.

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