Corn futures extended the losses following the USDA data release on Monday, as futures closed with 22 to 24 ¼ cents in the front months. Deferred contracts were down 5 to 14 ½ cents. The CmdtyView national average Cash Corn price was down 24 cents at $3.83 1/4.
A private export sale announcement of 204,000 MT of corn was announced to South Korea this morning by USDA, with another 310,000 MT of corn sold to unknown destinations. That news was buried by other not so friendly USDA reports.
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.
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.
WASDE data showed US ending stocks raised by 198 mbu, taking the projection to 2.227 bbu. That came via the production adjustment as carryover from 2024/25 was up 19 mbu, and feed raised by 100 mbu. World ending stocks were raised by 11.76 MMT to 290.91 MMT, with the US increase and a 6.24 MMT increase to Chinese production.
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 closed at $4.21 1/2, down 24 1/4 cents,
Nearby Cash was $3.83 1/4, down 24 cents,
May 26 Corn closed at $4.30 1/2, down 23 1/4 cents,
Jul 26 Corn closed at $4.38, down 22 1/4 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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