Corn Futures Decline As Analysts Forecast Acreage Growth

Corn futures are trading lower, with losses ranging from 3 to 7 cents in the midday session. The CmdtyView national average Cash Corn price has dropped by 6 1/4 cents, settling at $4.23.

Analysts’ Acreage Estimates and Upcoming Reports

A recent Bloomberg survey of analysts estimates corn acreage at 94.4 million metric tons (MMT) in anticipation of Monday’s Prospective Plantings report. The estimated range spans from 92.5 to 96.6 million acres.

Geopolitical Developments Impacting the Market

In ongoing negotiations aimed at establishing a ceasefire, both Russia and Ukraine have reached an agreement to facilitate safe navigation in the Black Sea. This arrangement mirrors the previous Black Sea Grain Initiative, including a commitment to refrain from attacking energy facilities.

Current Corn Futures Prices

May 25 Corn is trading at $4.58 1/4, down 6 1/4 cents.

Nearby Cash is priced at $4.23, down 6 1/4 cents.

Jul 25 Corn stands at $4.65 3/4, also down 6 1/4 cents.

Dec 25 Corn is at $4.48 1/4, down 3 1/4 cents.

New Crop Cash is at $4.11 1/4, reflecting a decline of 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 are for informational purposes only. For more details, please view the Barchart Disclosure Policy here.

 

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