Corn futures are experiencing downward pressure as the weekend approaches, with losses ranging from 5 to 9 cents. The national average Cash Corn price, as reported by cmdtyView, has decreased by 9 ¼ cents, settling at $4.51 1/4. In related news, President Trump has announced plans to unveil reciprocal tariffs on various countries next week, which could further impact market dynamics.
Recent Export Sales data indicates that corn bookings for the 2024/25 season totaled 1.477 million metric tons (MMT), bringing the total commitments for the year to 44.767 MMT. This figure represents 72% of the USDA’s estimate, slightly above the average pace of 70%.
In a notable transaction, a South Korean importer secured a total of 63,000 MT of corn in a private deal late Thursday, highlighting ongoing international demand.
Turning to South America, Argentina’s corn crop ratings have shown a decline. According to the Buenos Aires Grains Exchange, the crop is now estimated to be 25% excellent and 49% normal, down 3% and 1% respectively from the previous week. Conversely, the percentage of poor ratings has increased by 4% to 26%, raising concerns about crop quality.
Current corn futures prices are as follows:
- Mar 25 Corn is priced at $4.86, down 9 1/4 cents.
- Nearby Cash stands at $4.51 1/4, also down 9 1/4 cents.
- May 25 Corn is at $4.98 3/4, down 8 3/4 cents.
- Dec 25 Corn is priced at $4.64 1/2, down 5 1/4 cents.
- New Crop Cash is at $4.32 1/4, down 5 3/4 cents.
On the date of publication, Austin Schroeder did not hold (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are provided solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.
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