Corn is trading with Friday morning gains of 1 to 2 cents. Futures settled Thursday with losses of 1 to 3 cents, as traders square up ahead of Friday’s USDA reports. The national average Cash Corn price from cmdtyView was down 2 1/2 cents at $3.86 1/2 per bu.
Corn export sales during the week of October 3 totaled 1.22 MMT for 2024/25. That was in the middle of the trade estimates, though it was a drop from the previous week and well above the same week last year. Unknown destinations purchased 371,200 MT, with 329,700 MT sold to Mexico, and another 248,900 MT to Columbia.
A Bloomberg survey of traders shows US ending stocks estimated at 1.988 billion bushels, which would be down 69 mbu from last month, mainly due to the smaller 23/24 carryover. World carryout is also expected to be cut by 1.1 MMT to 307.3 MMT on Friday.
The Buenos Aires Grain Exchange estimates the Argentina corn crop at 18.6% planted as of 10/9, above the same time last year but below the average pace.
Dec 24 Corn closed at $4.18 1/2, down 2 1/2 cents, currently up 1 1/4 cents
Nearby Cash was $3.86 1/2, down 2 1/2 cents,
Mar 25 Corn closed at $4.36 1/4, down 1 3/4 cents, currently up 1 cent
May 25 Corn closed at $4.45, down 2 1/4 cents, currently up 1 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.
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