Corn is trading with midday weakness at Thursday’s midday, with contracts down 3 to 4 cents pulling off early morning lows. The national average Cash Corn price from cmdtyView was down 3 3/4 cents at $4.40 1/4.
A private export sale of 135,000 MT of corn was reported by the USDA to Taiwan this morning for 2024/25 shipment.
USDA’s Export Sales report from this morning showed 1.024 MMT of 2024/25 corn sold in the week ending on January 9, exceeding analysts’ expectations of between 0.5 and 1 MMT. That was well above the week prior, but 18.1% below the same week last year. Japan was the largest destination of 281,300 MT, with 281,200 MT sold to South Korea, and 234,400 MT to Mexico. Net cancellations of 409,400 MT was reported for unknown, mostly switched to a destination.
The Rosario Grains Exchange estimates the Argentina corn crop at 48 MMT, down from the previous estimate of 50-51 MMT. The International Grains Council trimmed their world corn production estimate by 6 MMT, as stocks were cut by 4 MMT to 272 MMT, which is down 20 MMT from last year.
Mar 25 Corn is at $4.75, down 3 3/4 cents,
Nearby Cash is at $4.40 1/4, down 3 3/4 cents,
May 25 Corn is at $4.84, down 4 cents,
Dec 25 Corn is at $4.53, down 4 cents,
New Crop Cash is at $4.24 3/4, down 3 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 BarchartThe views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
