The corn market is trading with fractional gains so far on Friday morning. Corn closed out the Thursday session with contracts down 4 to 5 cents across most front months. The national average Cash Corn price from cmdtyView was down 4 1/2 cents at $4.40 3/4.
USDA’s Export Sales report from Thursday 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 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 closed at $4.74 1/2, down 4 1/4 cents, currently up 1/2 cent
Nearby Cash was $4.40 3/4, down 4 1/2 cents,
May 25 Corn closed at $4.83, down 5 cents, currently up 1/4 cent
Dec 25 Corn closed at $4.52 3/4, down 4 1/4 cents, currently up 1/2 cent
New Crop Cash was $4.24 5/8, down 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- Grains and Oilseeds in Q4 and 2024- Where are they Heading in 2025?
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
