Corn Prices Surge on USDA Stock Revision

USDA Cuts Corn Ending Stocks, Boosting Market Sentiment

Corn bulls enjoyed a boost on Tuesday following a revision from the USDA regarding corn stocks. Futures closed slightly higher, with contracts up between fractions and 7 ½ cents. The national average Cash Corn price, reported by cmdtyView, increased by 7 cents to $4.21.

Significant Changes in USDA Monthly WASDE Report

Today’s monthly WASDE report revealed a major reduction of 200 million bushels in US corn ending stocks, now totaling 1.738 billion bushels. The adjustment included a 50 million bushel increase in the ethanol segment and a 150 million bushel rise in export forecasts. Globally, Brazil and Argentina’s production numbers remained unchanged, but worldwide stocks were reduced by 7.7 million metric tons (MMT), bringing the total to 296.44 MMT. Additionally, China’s stocks were cut by 2 MMT due to decreased imports.

Brazil’s Corn Export Projections Rise

Brazil’s National Association of Cereal Exporters (ANEC) forecasts that the country’s corn exports for December will reach 3.96 MMT, up from the previous estimate of 3.59 MMT.

Corn Futures Prices Update

Dec 24 Corn closed at $4.40 1/2, gaining 6 1/2 cents.

Nearby Cash stood at $4.21, up 7 cents.

Mar 25 Corn finished at $4.49, increasing by 7 1/4 cents.

May 25 Corn closed at $4.55 1/4, up 7 1/2 cents.

On the date of publication, Austin Schroeder did not hold any positions in the securities mentioned in this article. All information and data in this article is intended solely for informational purposes. For further details, please review 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.