Corn Giving Back Wednesday Gains on Thursday AM Trade
Corn prices are trading with 2 to 3 cent losses so far on Thursday morning. Futures closed out the Wednesday session with contracts fractionally to 3 ½ cents higher. The national average Cash Corn price from cmdtyView was back up 3 3/4 cents at $3.73 1/2 per bu. The average close for December corn futures so far in October, which indicates the fall crop insurance price, is $4.19. That is 47 cents below the February base price.
EIA data will be released later this morning, with the Export Sales report out on Friday due to Monday’s federal holiday.
USDA reported private export sales of 332,000 MT of 2024/25 corn to unknown destinations, with another 1.62 MMT to Mexico (1.044 MMT for 2024/25 and 579,120 MT for 2025/26 MT) on Wednesday morning.
The weekly Crop Progress report indicated the US corn harvest at 47% complete as of October 13, 8 percentage points ahead of the 5-year average pace. Just CO, ND, ND, and PA were reported as lagging their 5-year average pace among the top 18 states. Condition ratings were steady at 64% gd/ex, as the Brugler500 index was up 2 points on a 1% shift from poor to fair. That was the final national rating for the growing season. Of the major states, IL was down 1 point, with NE losing 2 and MN down 4 points. States improving included IN and IA, both by 1 point, with OH and SD improving 3 points.
Dec 24 Corn closed at $4.04 3/4, up 3 1/2 cents, currently down 2 3/4 cents
Nearby Cash was $3.73 1/2, up 3 3/4 cents,
Mar 25 Corn closed at $4.20 1/2, up 3 cents, currently down 3 cents
May 25 Corn closed at $4.28 3/4, up 2 3/4 cents, currently down 3 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.