Corn Market Sees Gains as Conditions Shift in Key Growing Areas

Solid Growth Despite Argentina’s Declining Crop Conditions

The corn market is experiencing a boost this Friday afternoon. Front-month contracts have risen by 9 to 10 cents, with new crop December rising by 2 3/4 cents. The national average Cash Corn price from cmdtyView has climbed by 9 3/4 cents to $4.49 1/2. With Martin Luther King Jr. Day approaching, markets and government offices will be closed on Monday; regular activities will resume on Tuesday.

According to USDA’s Export Sales report released Thursday morning, 1.024 million metric tons (MMT) of corn for the 2024/25 season was sold in the week ending January 9. This brings the total commitments for the year to 40.27 MMT, which constitutes 65% of USDA’s full-year forecast, compared to an average sales pace of 61%.

On the other hand, corn conditions in Argentina are deteriorating. The Buenos Aires Grains Exchange reported a 3% drop in excellent crop conditions, bringing the total to 39%. Poor conditions have increased by 5%, now standing at 14%.

Mar 25 Corn is priced at $4.84 1/2, up 10 cents.

Nearby Cash is currently at $4.49 1/2, up 9 3/4 cents.

May 25 Corn is trading at $4.93 1/2, reflecting a rise of 10 1/2 cents.

Dec 25 Corn is at $4.55 1/4, up 2 1/2 cents.

New Crop Cash is listed at $4.26 1/2, up 2 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 are provided solely for informational purposes. For more information, please view the Barchart Disclosure Policy
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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.