Corn Posts Strength Following Export Business

Corn 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.

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) this 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,

Nearby Cash  was $3.73 1/2, up 3 3/4 cents,

Mar 25 Corn  closed at $4.20 1/2, up 3 cents,

May 25 Corn  closed at $4.28 3/4, up 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.