Corn Prices Show Resilience Amid Market Fluctuations
The corn market ended the Friday trading session with prices rising between ¾ and 7 ¼ cents, particularly for nearby contracts. March corn dropped by just 2 ¼ cents this week, and today’s rebound helped offset some losses. Over the month, March corn has gained 7 cents. According to cmdtyView, the national average Cash Corn price rose 15 cents to $4.07 1/2 per bushel.
Trade Dynamics Shift with Presidential Conversations
During the Thanksgiving trade break, President-elect Trump had a discussion with Mexico’s President Sheinbaum. Following their conversation, she indicated that there would be no looming tariff conflict between the two nations.
Export Sales Data Indicates Sluggish Demand
The latest Export Sales report revealed a total of 1.06 million metric tons (MMT) of corn sold for the week ending November 21. This figure hovered at the lower end of estimates ranging from 0.8 to 2 MMT for 2024/25 bookings, marking a nine-week low. Notably, Mexico was responsible for purchasing 405,200 MT, while South Korea acquired 134,100 MT, along with an additional 67,200 MT designated for the 2025/26 fiscal year to Mexico.
Brazilian Crop and Ethanol Production Forecasts
AgroConsult has projected the Brazilian corn harvest for 2024/25 at 132.7 MMT, with the second crop estimated at 107.3 MMT of that total. Meanwhile, CONAB predicts that Brazil’s ethanol production for 2024/25 will reach 36.08 billion liters, derived from corn and sugarcane feedstocks. This marks an increase of 0.67 billion liters from previous predictions, primarily due to an uptick in sugarcane production, which rose by 0.38 billion liters to 28.85 billion liters.
Current Market Prices
Dec 24 Corn closed at $4.23, up 7 1/4 cents.
Nearby Cash stood at $4.07 1/2, having increased by 15 cents.
Mar 25 Corn settled at $4.33, up 5 cents.
May 25 Corn ended at $4.39 3/4, rising by 4 1/2 cents.
On the date of publication, Austin Schroeder did not hold any positions in the mentioned securities, either directly or indirectly. The information contained within this article is presented solely for informational purposes. For further details, please see the Barchart Disclosure Policy here.
The views and opinions expressed herein belong to the author and do not necessarily reflect those of Nasdaq, Inc.
