Corn Futures Rise as Harvest Progresses
Corn futures ended Wednesday with slight gains, advancing between fractions up to 3 ½ cents. The national average cash corn price reported by cmdtyView climbed by 3 3/4 cents, reaching $3.73 1/2 per bushel. Meanwhile, the average closing price for December corn futures this October, which sets the fall crop insurance price, stands at $4.19—a notable 47 cents lower than the base price established in February.
The USDA announced private export sales of 332,000 metric tons of corn for the 2024/25 season designated for unknown destinations, alongside an impressive 1.62 million metric tons sold to Mexico. This includes 1.044 million metric tons for 2024/25 and another 579,120 metric tons for the 2025/26 season.
According to the latest weekly Crop Progress report, the U.S. corn harvest reached 47% completion as of October 13, outpacing the 5-year average by 8 percentage points. Only Colorado, North Dakota, and Pennsylvania lagged behind typical performance among the top 18 states. The overall condition rating remained steady at 64% good/excellent, with the Brugler500 index improving 2 points due to a 1% shift from poor to fair conditions. As the growing season concludes, Illinois saw a 1-point decline, Nebraska dropped 2 points, and Minnesota fell by 4 points. In contrast, Indiana and Iowa both improved by 1 point, while Ohio and South Dakota made bigger strides with 3-point gains.
Dec 24 Corn closed at $4.04 3/4, reflecting an increase of 3 1/2 cents.
Nearby Cash was recorded at $3.73 1/2, up 3 3/4 cents.
Mar 25 Corn closed at $4.20 1/2, an increase of 3 cents.
May 25 Corn finished at $4.28 3/4, up 2 3/4 cents.
On the date of publication, Austin Schroeder did not hold any positions (directly or indirectly) in the securities mentioned in this article. All information and data are provided solely for informational purposes. For additional details, please refer to the Barchart Disclosure Policy here.
The opinions expressed in this article are those of the author and do not necessarily reflect the views of Nasdaq, Inc.
