Corn Market Sees Notable Gains Amid Strong USDA Report
The corn market is experiencing a rally on Friday, with prices rising between 6 to 10 cents for most contracts as midday trading progresses. Currently, the front month CmdtyView national average Cash Corn price stands at $4.61 3/4, reflecting an increase of 6 cents.
USDA Report and Dollar Influence
The recent USDA monthly WASDE report, released on Thursday, announced a 75 million bushel cut to the U.S. ending stocks figure, bringing the total to 1.465 billion bushels. Additionally, a weaker U.S. dollar index, at its lowest level since 2022, contributes positively to market conditions.
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Export Commitments and Shipment Data
According to export sales data published on Thursday, total corn export commitments have reached 55.019 million metric tons (MMT). This represents 85% of the USDA’s revised export projection of 2.55 billion bushels. While this is somewhat behind the five-year average pace, it surpasses the 81% pace recorded last year. Actual shipments are currently at 56% of the projected new figure, ahead of the 53% average pace.
Current Corn Prices
As of today, the following corn prices are noted:
- May 25 Corn: $4.89, up 6 cents
- Nearby Cash: $4.61 3/4, up 6 cents
- Jul 25 Corn: $4.95 1/4, up 6 1/2 cents
- Dec 25 Corn: $4.63 1/4, up 9 cents
- New Crop Cash: $4.28 3/4, up 9 3/4 cents
On the date of publication, Austin Schroeder did not hold any positions, either directly or indirectly, in any of the securities mentioned in this article. All information and data contained herein are for informational purposes only. For additional details, please view the Barchart Disclosure Policy here.
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