Corn Market Update: Prices Steady with Upward Trends in Exports

The corn market is currently trading with contracts steady to 1.5 cents higher for nearby options, while December contracts are down by a penny. The national average cash corn price, according to CmdtyView, has risen 1.5 cents to $4.52. Additionally, the Chicago Board of Trade (CBOT) will increase daily price limits for corn futures by five cents, raising them to 35 cents effective May 1.

Export Sales and International Interest

This morning, the USDA announced a private export sale of 235,000 MT of corn to Mexico. This includes 130,000 MT designated for the 2024/25 fiscal year and 105,000 MT for 2025/26.

Reports suggest that Japan is considering increasing its imports of U.S. corn during ongoing trade negotiations. They have consistently been a strong buyer and are currently the second-largest purchaser of U.S. corn in 2023, importing 10.09 MT so far this year.

Commitment Levels and Projections

Total corn commitments now stand at 57.734 MMT, reflecting a 26% increase from the same period last year. This figure represents 89% of the USDA’s export projection, though it lags behind the average export sales pace of 92%.

Current Price Overview

As of now, May 25 corn is priced at $4.78 3/4, an increase of 1.5 cents. The nearby cash price is $4.52, also up by 1.5 cents.

• July 25 corn: $4.58 1/2, up 1.5 cents
• December 25 corn: $4.554 1/2, down 1 cent
• New Crop Cash: $4.22 3/4, down 1 cent

On the date of publication, Austin Schroeder did not hold any positions in the securities mentioned in this article. All information and data in this article are for informational purposes only. For more details, please refer to the Barchart Disclosure Policy.

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The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Nasdaq, Inc.