Corn Bulls Bouncing to Start Friday
The corn market is kicking off the prelude to the weekend with gains of 2 to 3 cents so far. Corn posted Thursday losses at the close, with contracts down 3 ½ to 4 ½ cents across the board. Pressure mounted as the rest of the grains were lower and the US dollar index posted fresh 1 year highs. December options expire today. The national average Cash Corn price from cmdtyView was down 3 1/4 cents at $4.04 3/4 per bu.
Export Sales data from yesterday 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 on Thursday.
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 closed at $4.26 3/4, down 3 1/2 cents, currently up 2 1/2 cents
Nearby Cash was $4.04 3/4, down 3 1/4 cents,
Mar 25 Corn closed at $4.36 1/4, down 3 3/4 cents, currently up 2 3/4 cents
May 25 Corn closed at $4.43 1/4, down 3 3/4 cents, currently up 2 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.