Corn Holding Gains to Kick Off November
Corn futures are trading with Friday midday gains of 1 to 2 cents so far. The average close for December corn futures throughout October was $4.16, which is the fall crop insurance price. That is 50 cents below the February base insurance price. The national average Cash Corn price from cmdtyView is up 3 1/2 cents at $3.82 3/4 per bu.
USDA reported a private export sale of 781,322 MT of corn to Mexico, with 715,800 MT for 2024/25 shipment and 65,532 MT for 2025/26 this morning.
Export Sales shows total export commitments for corn at 25.82 MMT, a 3-year high for the current week and up 41% from last year. That is also 44% of the USDA export forecast, which is faster paced than the 40% average sales pace. Shipping pace in the first nearly 2 months of the marketing year are at 11% of USDA’s projected total 2 percentage points ahead of the average.
StoneX estimates the Brazilian 2024/25 corn crop at 128.53 MMT, with the first crop at 24.88 MMT and the second crop at 101.5 MMT.
Dec 24 Corn is at $4.11 3/4, up 1 cent,
Nearby Cash is at $3.82 3/4, up 3 1/2 cents,
Mar 25 Corn is at $4.27, up 1 cent,
May 25 Corn is at $4.35 1/2, up 1 cent,
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.