Corn futures are now liking the taste from USDA’s set of reports as they chew through Monday’s midday. Contracts are down 16 to 17 cents so far. The CmdtyView national average Cash Corn price is down 16 3/4 cents at $3.91 1/2.
A private export sale announcement of 204,000 MT of corn was announced to South Korea this morning, with another 310,000 MT of corn sold to unknown destinations. That is widely being ignored at midday
USDA’s Crop Production report from this morning showed US corn yield at 186.5 bpa, which was a 0.5 bpa increase from the November report. Acres were up 1.3 million on the harvested side to 91.3 million acres. That took the production number to 17.021 bbu, up 269 mbu from November.
WASDE data showed US ending stocks raised by 198 mbu, taking the projection to 2.227 bbu, vs. a 1.985 bbu expectation via a Bloomberg survey of analysts. That came via the production adjustment as carryover from 2024/25 was up 19 mbu, and feed raised by 100 mbu.
The quarterly Grain Stocks report tallied December 1 corn stocks at 13.282 bbu. That was well above the average of analysts surveyed at 12.962 bbu, and 1.207 bbu above a year ago.
Monday morning’s Export Inspections report showed 1.49 MMT (58.66 mbu) of corn shipped in the week of 1/8. That was 12.75% above the week prior and 3.4% larger than the same week last year. Mexico was as the largest destination of 702,811 MT, with 258,110 MT shipped to Japan and 161,058 MT to Taiwan. The marketing year total is now 28.43 MMT (1.119 bbu) of corn shipped, which is now 60.54% above the same period last year.
Brazil’s first corn crop is estimated at 0.5% harvested as of Thursday according to AgRural, with the larger second crop tallied at 0.2% planted.
Mar 26 Corn is at $4.29, down 16 3/4 cents,
Nearby Cash is at $3.91 1/2, down 16 3/4 cents,
May 26 Corn is at $4.37 1/2, down 16 1/4 cents,
Jul 26 Corn is at $4.44 1/4, down 16 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.
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