Corn Continuing Slide on Tuesday Morning

Corn prices are down 2 to 3 cents so far on Tuesday morning. Futures closed the Monday session with contracts falling 7 to 9 cents across most contracts on Monday. Sharp pressure from the outside factors weighed on the market, with crude oil down $3.70/barrel and the US dollar index up 303 points. The national average Cash Corn price from cmdtyView was down 7 1/2 cents at $3.76 1/2 per bu. 

The average close for December corn futures, which indicates the fall crop insurance price, so far this month is $4.22. That is 44 cents below the February base price.

Both the weekly Export Inspections and Crop Progress reports will be released today, delayed by the Columbus Day federal holiday.

Brazil’s first corn crop was estimated at 42% planted in the center-south region as of Thursday, according to AgRural. Ukraine’s corn crop is estimated at 24 MMT by APK-Inform, a 2.8 MMT reduction from their previous number. CONAB released their initial 2024/25 crop numbers this morning, showing the total corn crop at 119.74 MMT, up 4.04 MMT from their estimate for the 2023/24 marketing year. The larger second crop is estimated at 94.63 MMT, a 4.37 MMT increase yr/yr.

Dec 24 Corn  closed at $4.08 1/4, down 7 1/2 cents, currently down 2 1/2 cents

Nearby Cash  was $3.76 1/2, down 7 1/2 cents,

Mar 25 Corn  closed at $4.24 3/4, down 8 1/4 cents, currently down 2 1/2 cents

May 25 Corn  closed at $4.33, down 8 3/4 cents, currently 2 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.