Corn prices are slipping lower again as we trade through Thursday morning, with losses of 1 to 2 cents. The corn bulls tried to hold up on Wednesday despite spillover pressure from a weaker wheat market and stronger US dollar. Contracts were down 1 ½ to 3 ¾ cents on the day. Preliminary open interest was up 41,278 contracts across the board with exception to the December, which was down 39,485. The national average Cash Corn price from cmdtyView was down 1 3/4 cents at $4.02 3/4 per bu.
EIA data will be delayed until Thursday morning due to Monday’s federal holiday.
Brazil’s CONAB raised their 2024/25 Brazilian corn crop estimate just slightly, by 0.07 MMT, to 119.81 MMT in this month’s update.
Argentina’s Rosario Grain Exchange expects to see the country’s corn crop in a range of 50 to 51 MMT, down from their previous estimate by 1 MMT.
Dec 24 Corn closed at $4.26 1/2, down 2 cents, currently down 1 ¼ cents
Nearby Cash was $4.02 3/4, down 1 3/4 cents,
Mar 25 Corn closed at $4.37 1/2, down 2 3/4 cents, currently down 1 ¼ cents
May 25 Corn closed at $4.44 1/4, down 3 cents, currently down 1 cent
More news from Barchart- What the Election Results May Mean for the Corn and Soybean Markets
- Global Corn Dynamics: Surging US Export Demand, Smaller Supplies And A China Wildcard
- What Surprisingly Strong Cash Markets Are Saying About Corn And Soybeans
- Grains Recover in Q3- What are the Prospects for Q4 and Beyond?
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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
