Corn Closes with Mixed Action on Thursday
Corn futures held the front month gains on Thursday, with contracts up 2 to 3 ¼ cents. New crop December slipped lower, down ¾ cent at the close. CmdtyView’s national average Cash Corn price was up 3 3/4 cents at $4.60 3/4.
Export Sales data showed 1.649 MMT of corn sold for 2024/25 shipment during the week that ended on 2/6, up 11.6% from last week and a 3-week high. Japan was the lead buyer of 459,400 MT, with 325,400 MT sold to Japan and 262,600 MT to Mexico. New crop sales were tallied at 350,096 MMT in the middle of the expected 0-500,000 MT. Much of that was to Mexico, which was previously known about.
CONAB data was released this morning, showing a 2.5 MMT hike to their 2025 production estimate at 122.01 MMT, compared to the USDA at 126 MMT. The second crop was up 1.4 MMT to 94.63 MMT on increased acreage, with the first crop up 1.04 MMT to 22.53 MMT.
Mar 25 Corn closed at $4.93 1/2, 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,
Dec 25 Corn closed at $4.72 3/4, down 3/4 cent,
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.