Corn Futures Rebound Amid Stable Trade Environment
Market Activity Shows Positive Changes
Corn bulls are making a comeback following Wednesday’s dip in trading, which was influenced by discussions about tariffs. Midday during the short trading session, futures climbed 3 to 6 cents. On the first notice day for December corn futures, there were 111 deliveries, with 97 being stopped by an RJO customer. The national average cash corn price reported by cmdtyView increased by 12 1/2 cents to reach $4.05 per bushel as December contracts transition into delivery.
Positive Dialogue Between U.S. and Mexico
During the Thanksgiving trading break, President-elect Trump had a conversation with Mexico’s President Sheinbaum. Following their discussion, which was described as positive, she assured that there would be no tariff conflict anticipated.
Export Sales Data Shows Lower Demand
Export sales data revealed a total of 1.06 MMT for the week ending November 21, which falls on the lower end of the anticipated range between 0.8 and 2 MMT for 2024/25 corn bookings, marking a nine-week low. Among the buyers, Mexico procured 405,200 MT, while South Korea bought 134,100 MT. Additionally, 67,200 MT was sold to Mexico for the 2025/26 period.
Brazil’s Corn and Ethanol Production Outlook
AgroConsult estimates Brazil’s corn crop for the 2024/25 season at 132.7 MT, with the second crop accounting for 107.3 MMT of this figure. Meanwhile, the National Supply Company (CONAB) forecasts the country’s ethanol production from both corn and sugarcane feedstocks at 36.08 billion liters, an increase of 0.67 billion liters from earlier estimates. Most of this rise is attributed to sugarcane, with a boost of 0.38 billion liters bringing production to 28.85 billion liters.
Current Corn Futures Prices
Dec 24 Corn is at $4.21 1/2, up 5 3/4 cents.
Nearby Cash is at $4.05, up 12 1/2 cents.
Mar 25 Corn is at $4.32 1/2, up 4 1/2 cents.
May 25 Corn is at $4.39, up 3 3/4 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 the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
