Corn is facing some midday pressure on Thursday as contracts are down 3 to 4 cents at midday. The national average Cash Corn price from cmdtyView was down 3 1/4 cents at $4.03 1/2 per bu.
Export Sales data from this morning showed a total of 1.495 MMT of 2024/25 corn sold in the week ending on November 14. That was in the middle of the expected 1 to 2.2 MMT, and a jump of 13.7% from the week prior. Mexico was the largest buyer of 787,400 MT, with unknown in for 146,300 MT, and Japan buying 132,100 MT.
Two separate South Korean importers purchased a combined 136,000 MT of corn in private tenders overnight.
Data from the monthly International Grains Council report shows corn production up 1 MMT to 1.225 billion MT. That mixed with a 4 MMT increase to used lowered the stocks projection by 4 MMT to 275 MMT.
Dec 24 Corn is at $4.26 3/4, down 3 1/2 cents,
Nearby Cash is at $4.03 1/2, down 3 1/4 cents,
Mar 25 Corn is at $4.36 3/4, down 3 1/4 cents,
May 25 Corn is at $4.43 3/4, down 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 is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. More news from Barchart- What the Election Results May Mean for the Corn and Soybean Markets
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