Corn Futures Gain Momentum Amid Strong Harvest Reports

Cash Corn Prices Increase as Exports Surge

Corn futures demonstrated robust performance in Tuesday’s trading, with contracts climbing 3 to 7 cents. The national average Cash Corn price, as reported by cmdtyView, rose by 4 ¾ cents to settle at $3.83 per bushel.

Harvest Progress Exceeds Norms

Throughout October, December corn futures have averaged $4.17, which is 49 cents below the February base insurance price. This season, the U.S. corn crop reached 98% maturity as of October 20, surpassing the 95% average. Current harvest figures indicate 65% completion, an impressive 13 percentage points ahead of the 5-year average. All 18 states tracked by NASS are progressing at or faster than their typical harvest schedules.

International Trade Dynamics

Following a significant wave of export business announced on Monday, another shipment of 359,500 MT of corn to Mexico was confirmed this morning. Meanwhile, Brazil’s ANEC forecasts October corn exports at 6.24 million metric tons (MMT), a slight increase of 0.02 MMT from previous estimates, yet a decline from the 8.45 MMT exported last year.

Market Summary

Dec 24 Corn closed at $4.16 ½, up 7 cents.

Nearby Cash settled at $3.83, up 4 ¾ cents.

Mar 25 Corn finished at $4.29 ¼, up 6 cents.

May 25 Corn concluded at $4.36 ¾, rising 6 ¼ cents.

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 is solely for informational purposes. For more information, please view 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.