Corn Market Holds Steady as Export Figures Show Growth

Corn prices remain stable this Tuesday morning, with contracts showing slight fluctuations. On Monday, the corn market displayed gains, with prices rising from fractional amounts to 3 cents higher as the last full trading week of the year commenced. According to cmdtyView, the national average cash corn price increased by 3 cents to reach $4.16.

USDA Reports Strong Export Inspections

The USDA’s weekly Export Inspections report revealed shipments of 1.13 MMT (44.48 mbu) for the week ending December 12. This figure represents a 17.7% increase compared to the same week last year, and shows a 6.79% rise from the previous week. Mexico was the largest recipient, receiving 377,397 MT, followed by Japan with 206,019 MT, Spain at 136,897 MT, and Colombia with 124,780 MT. For the marketing year, total shipments have reached 13.3 MMT (523.63 mbu), indicating a 31% increase from last year.

Global Corn Crop Estimates Vary

In Brazil, AgRural estimates the corn crop at 121.7 MMT, significantly lower than the USDA’s projection of 127 MMT.

Current Market Prices for Corn Contracts

As for the market pricing, the March 25 Corn contract closed at $4.45, up 3 cents, with a current rise of 1/4 cents. Nearby cash corn prices stood at $4.16, also up by 3 cents. The May 25 Corn contract ended at $4.51 3/4, increasing by 2 1/2 cents and currently gaining 1/4 cents. Meanwhile, the July 25 Corn contract closed at $4.55, rising by 2 cents, but has declined by 1/4 cents currently.

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.
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