Corn Market Faces Challenges Amid Weaker Wheat Prices

Market Update: Cash Corn Prices Slip

The corn market struggled on Wednesday, influenced by a weaker wheat market and a stronger US dollar. Corn contracts dropped between 1 ½ to 3 ¾ cents on the day, with the national average Cash Corn price reported by cmdtyView at $4.02 3/4 per bushel, down 1 3/4 cents.

Export Sales and International Trends

The USDA announced private export sales of 401,357 metric tons (MT) of corn to Mexico, along with 290,820 MT sold to unspecified destinations, all slated for the 2024/25 marketing year.

Data from the Energy Information Administration (EIA) are postponed until Thursday morning due to a federal holiday observed on Monday. Meanwhile, South Korean importers reported tender purchases ranging from 133,000 to 138,000 MT, though no origins were specified. In Argentina, the Rosario Grain Exchange has revised the country’s corn crop estimate to between 50 and 51 million metric tons (MMT), a decrease of 1 MMT from their previous forecast.

Current Prices and Future Contracts

Dec 24 Corn closed at $4.26 1/2, down 2 cents. The Nearby Cash price was $4.02 3/4, a decrease of 1 3/4 cents. The Mar 25 Corn contract ended at $4.37 1/2, dropping 2 3/4 cents, while the May 25 Corn closed at $4.44 1/4, down 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.

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