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Corn futures extend their 6-month highs on Friday, as contracts closed higher in the nearbys, up ¼ to a penny. Deferred contracts were steady to 1 ¼ cents lower. March managed a 7 ¾ cent gain on the week. The national average Cash Corn price from cmdtyView was up ½ cent at $4.25 1/2.
Export Sales data showed a total of 1.711 MMT of 2024/25 corn booked in the week of 12/19. That was above the trade range of 1 to 1.6 MMT estimates and 45.7% above the week prior and a 3-week high. Mexico was the largest buyer of 608,900 MT, with Columbia in for 363,900 MT. Another 10,000 MT was sold for 2025/26, all to Japan, vs. estimates of 0-50,000 MT.
Weekly EIA was pushed back to this morning, with production showing a slight 4,000 barrel per day increase to 1.107 million bpd in the week ending on 12/20. Ethanol stocks were up 438,000 barrels to 23.074 million barrels.
The Buenos Aires Grain Exchange estimates the Argentina corn acreage at 6.6 million hectares (16.3 million acres), which is up 0.3 million ha (~750,000 acres) from their prior number.
Mar 25 Corn closed at $4.54, up 1/4 cent,
Nearby Cash was $4.25 1/2, up 1/2 cent,
May 25 Corn closed at $4.61 1/2, up 1 cent,
Jul 25 Corn closed at $4.64 1/2, up 3/4 cent,
On the date of publication,
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
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