Corn prices are posting some strength on Friday morning, with gains of 1 to 4 cents, led by the front months. Futures posted strength in the nearbys on Thursday, with contracts up 2 to 3 ¼ cents. There was some weakness felt out to new crop December, down ¾ cent at the close. Preliminary open interest showed a rotation on ownership, down jhust895 contracts as there continues to be rolling out of March (-34,623). CmdtyView’s national average Cash Corn price was up 3 3/4 cents at $4.60 3/4.
The markets will be close on Monday for President’s day, with a normal open for the Tuesday session.
Export Sales data showed 1.649 MMT of corn sold for 2024/25 shipment during the week that ended on 2/6. That took the total commitments for the marketing year to 46.416 MMT, which is 75% of USDA’s forecast, which is ahead of the 72% average pace. New crop business was tallied at 350,096 MT.
CONAB data from Thursday showed a 2.5 MMT increase to their 2025 production estimate at 122.01 MMT. Production of the second crop was up 1.4 MMT to 94.63 MMT, with the first crop 1.04 MMT higher to 22.53 MMT.
Mar 25 Corn closed at $4.93 1/2, up 3 1/4 cents, currently up 3 1/4 cents
Nearby Cash was $4.60 3/4, up 3 3/4 cents,
May 25 Corn closed at $5.06, up 2 cents, currently up 4 cents
Dec 25 Corn closed at $4.72 3/4, down 3/4 cent, currently up 1 1/4 cents
New Crop Cash was $4.41 7/8, up 1/4 cent,
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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