The corn market is rallying on Friday’s midday, with contracts up 9 to 10 cents in the front months and new crop December 2 3/4 cents higher. The national average Cash Corn price from cmdtyView is up 9 3/4 cents at $4.49 1/2. The markets and government will be closed on Monday due to Martin Luther King Jr Day, with a normal schedule for Tuesday.
USDA’s Export Sales report from Thursday morning showed 1.024 MMT of 2024/25 corn sold in the week ending on January 9. That took the total commitments for the year to 40.27 MMT, which is now 65% of the full year forecast from USDA, compared to the average sales pace of 61%.
Argentina corn conditions have been getting weak, with the excellent conditions down 3% to 39% according to the Buenos Aires Grains Exchange, with poor conditions up 5% to 14%.
Mar 25 Corn is at $4.84 1/2, up 10 cents,
Nearby Cash is at $4.49 1/2, up 9 3/4 cents,
May 25 Corn is at $4.93 1/2, up 10 1/2 cents,
Dec 25 Corn is at $4.55 1/4, up 2 1/2 cents,
New Crop Cash is at $4.26 1/2, up 2 3/4 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 is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. More news from Barchart- The USDA’s Big Surprise: How Crop Reductions Will Likely Impact Grain Prices
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