Corn Futures Experience Slight Decline Amid Delivery Reports

Market Update: December Corn Futures and Export Sales Insights

Corn futures have dropped by 3 cents as midday trading progresses, with December futures inching up by a quarter of a cent ahead of their expiration. Overnight, there were an additional 107 deliveries reported against December corn futures. Currently, the national average cash corn price, as reported by cmdtyView, is down 3 cents at $4.12 3/4.

Recent data from the weekly Export Sales report indicates that corn shipments have reached a total of 12.567 million metric tons (MMT). This figure shows a remarkable 31% increase compared to the previous year and represents 20% of the U.S. Department of Agriculture’s (USDA) latest export projection, which exceeds the normal 17% average pace. Additionally, when unshipped sales are considered, total commitments rise to 35.138 MMT, marking a 29% increase from last year and accounting for 56% of the USDA’s forecast, with the average pace standing at 53%.

In another noteworthy development, China’s National Statistics Bureau estimates the country’s corn crop at 294.9 MMT, reflecting a 6.1 MMT increase from last year.

Dec 24 Corn is priced at $4.32, up 1/4 cent.

Nearby Cash is currently at $4.12 3/4, showing a decrease of 3 cents.

Mar 25 Corn is listed at $4.40 1/2, down 3 cents.

May 25 Corn is at $4.48, also down by 3 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.