Corn Pops Higher on Tuesday
The corn market closed out the Tuesday session with contracts 1 to 2 cents higher, as export business continues to trickle in. The national average Cash Corn price from cmdtyView was up 2 1/2 cents at $3.90 3/4 per bu.
USDA reported a private export sale of 124,000 MT of corn for 2024/25 sold to unknown destinations this morning.
USDA will release updated Crop Production data on Friday, with an average trade estimate via a Reuters survey of analysts at 183.7 bushel per acre on yield down 0.1 bpa from last month, with a range from 182.5 to 185. Production estimates are seen at 15.189 billion bushels, and a range of 15.075 to 15.3 bbu.
Census data showed corn exports at 4.279 MMT (168.44 mbu) during September, which was the largest in 6 years for the month. That was also 35.61% above last year but down 17.02% from last month. Shipments of distillers were down 1.79% from 2023 at 1.012 MMT during September. Ethanol exports were a monthly record 148.49 million gallons during September and 5.17% above last month. Sorghum shipments were 473,627 MT in September, a 9-year high for the month.
Dec 24 Corn closed at $4.18 1/2, up 2 cents,
Nearby Cash was $3.90 3/4, up 2 1/2 cents,
Mar 25 Corn closed at $4.32, up 2 cents,
May 25 Corn closed at $4.39, up 1 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.