Corn Prices Stabilize with Slight Upward Movement

Corn prices are trading near unchanged levels early Friday, with contracts fluctuating within a penny of stability. Futures closed on Thursday with gains between 2 to 5 ¼ cents, marking a rebound from recent declines. On Thursday, preliminary open interest fell by 26,893 contracts, amid 35,687 contracts expiring in May, which is tied to options set to expire today. The nearby CmdtyView national average cash corn price increased by 5 ½ cents, reaching $4.50 ½.

The Chicago Board of Trade (CBOT) announced an increase in daily price limits for corn futures by a nickel, now set at 35 cents, effective May 1.

Recent Export Sales Data

Export sales data released on Thursday morning indicated that 1.15 million metric tons (MMT) of corn for the 2024/25 season were sold during the week ending April 17. This figure falls within the estimated range of 0.8 to 1.3 MMT but represents a decline of 26.2% from the previous week. Japan led purchases with 629,200 MT, followed by South Korea at 140,600 MT and Mexico at 136,400 MT. Notably, new crop sales recorded 0 MT.

Current Futures Prices

As for the futures, May 25 Corn closed at $4.77 ¼, reflecting an increase of 5 ¼ cents and is currently up by ¾ cent.

Nearby Cash is priced at $4.50 ½, also up 5 ½ cents.

July 25 Corn closed at $4.84, up 4 ¾ cents, and is currently up by 1 cent.

December 25 Corn closed at $4.56 ½, with a gain of 2 cents, currently down 1 cent.

New Crop Cash is priced at $4.20 1/8, increasing by 2 ¼ cents.

On the date of publication, Austin Schroeder did not hold (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is intended solely for informational purposes. For more details, please refer to 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.