
The Corn market is showing strong trade on Monday, with contracts up 4 to 7 cents so far. The national average Cash Corn price from cmdtyView is up 4 1/2 cents at $4.42.
Export Inspections data showed a total of 1.44 MMT (56.73 mbu) of corn shipped in the week of January 9. That was a jump of 64.27% from the previous week and 50.67% larger than the same week last year. Japan was the top buyer in that week at 450,147 MT, with 404,287 MT sold to Mexico. Marketing year to date shipments have totaled 16.236 MMT (639.2 mbu), which is 24.49% above the same period in 2023/24.
The annual Crop Production report showed the US corn yield from 2024 at 179.3 bpa, well below the average trade estimate and a 3.8 bpa drop from the November report to drop production by 267 mbu. The full year carryout projection from the WASDE showed an estimated 1.54 bbu of ending stocks, which was down 198 mbu from last month.
AgRural reports that the Brazilian corn harvest has kicked off, with 1.3% of the first corn crop off as of last Thursday.
Mar 25 Corn is at $4.75 3/4, up 5 1/4 cents,
Nearby Cash is at $4.42, up 4 1/2 cents,
May 25 Corn is at $4.85 3/4, up 6 1/4 cents,
Jul 25 Corn is at $4.88 3/4, up 6 3/4 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.