Corn Holds Gains into the Close
The corn market faded off the early session weakness, with contracts up 1 to 3 cents on Thursday. The national average Cash Corn price from cmdtyView is back up 2 ¼ cents at $4.61 1/2.
Export Sales data totaled corn bookings for 2024/25 at 1.477 MMT, on the high end of the 0.85 to 1.5 MMT estimates for the week ending on 1/30. That was back up 8.7% from the week prior and 21.1% above the same week last year. Mexico was the largest buyer of 251,700 MT, with 214,000 MT sold to Japan and 210,000 MT to South Korea. Sales for 2025/26 were 49,978 MT, in the middle of the 0-100,000 MT trade range.
After the trade dispute panel was settled in December, Mexico has repealed restrictions on GMO corn imports for human, animal, and industrial use.
Argentina’s corn crop was estimated at 25% excellent and 49% normal according to the Buenos Aires Grains Exchanges, down 3% and 1% respectively from last week, with poor ratings up 4% to 26%.
Mar 25 Corn closed at $4.95 1/4, up 2 cents,
Nearby Cash was $4.61 3/4, up 2 1/4 cents,
May 25 Corn closed at $5.07 1/2, up 2 3/4 cents,
Dec 25 Corn closed at $4.69 3/4, up 1 1/4 cents,
New Crop Cash was $4.38, up 3/4 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.