Corn Sliding into Weekend after Early Week Pop
Corn futures are falling on Friday, after bulls gained ground in the first half of the week. Contracts are down 3 to 4 cents in the nearbys at midday. Additional pressure is coming via a weaker wheat market and a stronger US dollar index. The national average Cash Corn price from cmdtyView is down 4 cents at $3.92 1/4 per bu.
USDA reported a total of 198,000 MT of corn sold to unknown destinations for 2024/25 this morning via a flash sale announcement.
The weekly Export Sales report showed the total for export commitments now at 16.428 MMT, which is up 14% from last year and a 3-year high. That is 28% of USDA’s 24/25 export forecast, vs. the 33% average sales pace.
Dec 24 Corn is at $4.24 3/4, down 3 1/2 cents,
Nearby Cash is at $3.92 1/4, down 4 cents,
Mar 25 Corn is at $4.42, down 4 cents,
May 25 Corn is at $4.51 1/4, 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.
