Corn Losses Limited As Outside Pressure Piles On
The corn bulls tried to hold up on Wednesday despite spillover pressure from a weaker wheat market and stronger US dollar. Contracts were down 1 ½ to 3 ¾ cents on the day. The national average Cash Corn price from cmdtyView was down 1 3/4 cents at $4.02 3/4 per bu.
USDA reported private export sales of 401,357 MT of corn to Mexico this morning, with 290,820 MT sold to unknown destinations during the reporting period, all for 2024/25.
EIA data will be delayed until Thursday morning due to Monday’s federal holiday.
A couple different tender by South Korean importers saw purchases of between 133,000 and 138,000 MT overnight, with no origins listed. Argentina’s Rosario Grain Exchange expects to see the country’s corn crop in a range of 50 to 51 MMT, down from their previous estimate by 1 MMT.
Dec 24 Corn closed at $4.26 1/2, down 2 cents,
Nearby Cash was $4.02 3/4, down 1 3/4 cents,
Mar 25 Corn closed at $4.37 1/2, down 2 3/4 cents,
May 25 Corn closed at $4.44 1/4, down 3 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.