Corn Prices Dip Amid Mixed Export Sales Data

Midday trading on Thursday saw corn prices fall, with contracts down by 3 to 4 cents. The national average cash corn price reported by cmdtyView decreased by 3 1/4 cents, settling at $4.03 1/2 per bushel.

Export Sales Reveal Positive Trends

This morning’s export sales report revealed that 1.495 million metric tons (MMT) of corn were sold for the 2024/25 marketing year during the week ending November 14. This figure fell within the anticipated range of 1 to 2.2 MMT and marked a 13.7% increase from the previous week. Mexico emerged as the top buyer, purchasing 787,400 MT, while an unknown buyer acquired 146,300 MT, and Japan purchased 132,100 MT.

South Korea Boosts Imports

In additional market activity, two South Korean importers collectively bought 136,000 MT of corn through private tenders overnight.

Monthly Grains Council Report Updates Production Estimates

According to the latest International Grains Council report, corn production has risen by 1 MMT, bringing the total to 1.225 billion MT. Alongside a 4 MMT increase in usage, this adjustment lowered the stocks projection by 4 MMT to 275 MMT.

Current Market Prices

As of now:

• Dec 24 Corn is priced at $4.26 3/4, down 3 1/2 cents.
• Nearby Cash Corn stands at $4.03 1/2, down 3 1/4 cents.
• Mar 25 Corn is listed at $4.36 3/4, down 3 1/4 cents.
• May 25 Corn is at $4.43 3/4, down 3 1/4 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
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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.