Corn Heads Lower into the Close
Corn futures failed to hold the early session gains after USDA failed to trim back their ending stocks projection on Tuesday, with contracts closing fractionally to 3 cents in the red. CmdtyView’s national average Cash Corn price was down 1 1/4 cents at $4.31 1/4.
The USDA’s updated balance sheet from this morning saw no changes, as the US carryout was projected to total 1.54 bbu. That was above estimates calling for a 24 mbu decrease.
On the world side, the USDA made no changes to the South American crops as Argentina was at 50 MMT and Brazil was 126 MMT. The world ending stocks for 2024/25 were cut by 1.37 MMT, coming in below the average trade estimate. That came even as the world production was increased 1.7 MMT. The main reason for the cut was a 1.86 MMT reduction to carryover from 2023/24 as Brazil’s production total from last year was slashed 3 MMT. Brazil exports from this year were down 2 MMT, with domestic use up 1 MMT.
A South Korean importer purchased a total of 133,000 MT of corn overnight.
Mar 25 Corn closed at $4.56 1/2, down 2 1/4 cents,
Nearby Cash was $4.31 1/4, down 1 1/4 cents,
May 25 Corn closed at $4.70 1/4, down 1 3/4 cents,
Dec 25 Corn closed at $4.54 1/2, down 1/2 cent,
New Crop Cash was $4.18 3/8, down 1 1/2 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.