Corn Futures Rise as 2024 Nears Close
Market Insight as Year-End Approaches
Corn futures are experiencing a slight increase as 2024 comes to an end, with prices rising 3 to 5 cents by midday on New Year’s Eve. The national average Cash Corn price reported by cmdtyView is up 2 1/2 cents, now at $4.26 3/4 per bushel. Note that the market will be closed on Wednesday, and trading will resume at 8:30 am CST on Thursday.
Export Inspections Report Shows Mixed Results
According to Monday morning’s Export Inspections report, a total of 878,380 metric tons (34.58 million bushels) of corn were shipped during the week ending on December 26. This figure marks a decrease of 23.36% from the previous week, but it’s a significant increase of 54.14% compared to the same week last year. Mexico was the leading destination, receiving 292,428 metric tons, followed closely by Japan with 191,326 metric tons. For the current marketing year, total corn shipments have reached 15.359 million metric tons (604.67 million bushels), translating to a 28.52% uptick compared to the same period in the 2023/24 marketing year.
Traders Adjust Positions, CFTC Reports Show
A delayed Commitment of Traders report from the CFTC reveals that speculators added 1,532 contracts to their net long position in corn futures and options as of December 24. Their positions have now risen to 160,947 contracts. Meanwhile, commercial traders increased their net short positions by 1,069 contracts to a total of 395,621 as of last Tuesday.
Current Corn Prices
Mar 25 Corn is priced at $4.56 1/2, reflecting an increase of 4 1/4 cents.
Nearby Cash stands at $4.26 3/4, up 2 1/2 cents.
May 25 Corn is at $4.63 3/4, marking a rise of 3 3/4 cents.
Jul 25 Corn is trading at $4.67 1/4, up 4 cents.
On the date of publication, Austin Schroeder did not hold (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data provided are for informational purposes only. For more details, please refer to the Barchart Disclosure Policy here.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
