Corn futures are trading with gains across the board on Friday, as contracts are up 3 to 5 ½ cents in the nearbys. The national average Cash Corn price from cmdtyView is up 5 1/2 cents at $3.85 1/4 per bu.
Heading into Monday, the average trade estimate from a Reuters survey for September 1 corn stocks is at 1.844 billion bushels. That would be well above last year, as expected, and a 32 mbu increase from the September WASDE 2023/24 corn ending stocks projection.
USDA’s Export Sales report tallied Export commitments for the full marketing year at 14.744 MMT, which is up 17% from a year ago and a 3-year high. That is 25% of the early USDA export forecast, lagging behind the 31% average sales pace for exports.
Algeria purchased a total of 240,000 MT of corn in a recent tender, likely sourced from Argentina or Brazil. The Ukrainian corn crop for 2024/25 is estimated at 25.8 MMT according to the country’s at ministry. That would be below the 27.2 MMT from USDA.
Dec 24 Corn is at $4.18 3/4, up 5 1/2 cents,
Nearby Cash is at $3.85 1/4, up 5 1/2 cents,
Mar 25 Corn is at $4.35 1/2, up 4 1/2 cents,
May 25 Corn is at $4.44 3/4, up 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.
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