Corn Losses Continue at Tuesday’s Midday

Corn futures are trading the Tuesday session with losses of 5 to 6 cents. The national average Cash Corn price from cmdtyView is down 5 1/2 cents at $3.70 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.

Export Inspections data showed just 430,323 MT (16.9 mbu) of corn shipments in the week of October 10, which is the lowest weekly total since last November. That was a drop of 54.61% vs. last week and down 7.78% from the same week last year. Mexico was the largest buyer of nearly half at 203,835 MT, with 62,685 MT to Saudi Arabia. Marketing year exports have totaled 4.719 MMT (185.76 mbu) so far this year, which is up 19.03% vs. the same month and half last year. 

Crop Progress data is estimated to show 44% of the US corn crop harvested, with condition ratings seen steady at 64% gd/ex.

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 is at $4.02 1/2, down 5 3/4 cents,

Nearby Cash is at $3.70, down 5 1/2 cents,

Mar 25 Corn is at $4.18, down 6 3/4 cents,

May 25 Corn is at $4.26 1/2, down 6 1/2 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.