Corn futures posted some gains heading into the Friday USDA report day, as contracts were up 1 to 2 ½ cents across most months. The national average Cash Corn price from cmdtyView was up 1 1/2 cents at $4.26 3/4.
The weekly Export Sales report is delayed until Friday as the government offices are closed today for a National Day of Mourning for President Carter’s funeral. It is expected to show 0.7 to 1.4 MMT of 2024/25 corn bookings in the week ending on January 2. Sales for 2025/26 are estimated at 0 to 100,000 MT.
USDA will release their annual Crop Production report on Friday morning, with analysts surveyed by Reuters looking for a 0.4 bpa cut to yield at 182.7 bpa. Production is seen down 48 mbu to 15.095 bbu, as harvested acres are expected to see a slight reduction. Grain Stocks data will also be released with traders looking for December 1 corn stocks at 12.147 billion bushels, down 24 mbu from last year if realized. The WASDE report is expected to peg the US ending stocks total at 1.675 bbu.
On the world side analysts are expecting to see very few changes to the Brazilian crop at 127 MMT, with the Argentina crop seen down 0.5 MMT to 50.5 MMT. Ending stocks for the world are seen at 294.80 MMT, a drop of 1.64 MMT from December.
South Korean importers purchased a total of 65,000 MT of corn overnight, with US or South American origin.
Mar 25 Corn closed at $4.56, up 2 cents,
Nearby Cash was $4.26 3/4, up 1 1/2 cents,
May 25 Corn closed at $4.64 1/2, up 2 cents,
Jul 25 Corn closed at $4.68, 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.
/Technology%20abstract%20by%20TU%20IS%20via%20iStock.jpg)
/Micron%20Technology%20Inc_%20logo%20on%20building-by%20vzphotos%20vis%20iStock.jpg)
