Corn Markets Show Mixed Performance Amid Export Growth
At midday on Thursday, corn prices moved in different directions. Nearby contracts increased by 1 to 3 cents, while new crop December contracts fell by 1 ¼ cents. According to CmdtyView, the national average Cash Corn price rose by 3 1/4 cents, reaching $4.59 1/4.
Strong Export Sales Signal Market Interest
This morning’s Export Sales report revealed that 1.649 million metric tons (MMT) of corn were sold for shipment in the 2024/25 season during the week ending February 6. This figure is close to the upper range of the estimated 0.8-1.7 MMT. The sales show an 11.6% increase from last week and represent the highest amount in three weeks. Japan emerged as the largest buyer, with purchases totaling 459,400 MT, while Mexico imported 262,600 MT. New crop sales reached 350,096 MMT, which falls within the expected range of 0-500,000 MT, primarily consisting of sales to Mexico, which had been anticipated.
Global Production Estimates Shift Following New Data
Recent data from CONAB showed a 2.5 MMT increase in Brazil’s 2025 corn production estimate, now at 122.01 MMT, in contrast to the USDA’s 126 MMT estimate. This rise is attributed to a larger second crop, which increased by 1.4 MMT to 94.63 MMT due to expanded acreage, alongside a first crop increase of 1.04 MMT to 22.53 MMT. Meanwhile, the Rosario Grains Exchange reported a decline in Argentina’s corn production estimate, now pegged at 46 MMT, a decrease of 2 MMT from their previous forecast.
Current Pricing Snapshot
Mar 25 Corn is priced at $4.93 1/4, up 3 cents.
Nearby Cash stands at $4.59 1/4, up 3 1/4 cents.
May 25 Corn is at $5.05 3/4, up 1 3/4 cents.
Dec 25 Corn is at $4.72 1/4, down 1 1/4 cents.
New Crop Cash is at $4.40 1/2, down 1/4 cent.
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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