The corn market showed steady to 1 ¼ cent gains across most contracts on Friday, with December up 8 ¼ cents for the week. The CmdtyView national average Cash Corn price also saw a slight increase to $3.91 1/4. This upward movement was supported by strength in the wheat and soybean markets.
The average close for December corn futures was $4.22, which is expected to be the harvest price for crop insurance. This price is 6 cents higher than last year’s harvest and 48 cents below the spring price.
In terms of global trends, Ukraine’s corn exports totaled just 0.8 MMT in October, a significant decrease from the 1.73 MMT exported last year, according to the country’s economic minister. Meanwhile, the Argentina corn crop was reported to be 35% planted, according to the Buenos Aires Grain Exchange.
Closing prices for corn futures on Friday were as follows: Dec 25 Corn closed at $4.31 1/2, up 1 1/4 cents; Nearby Cash was $3.91 1/4, up 1/4 cent; Mar 26 Corn closed at $4.44, up 1/4 cent; and May 26 Corn closed at $4.52 1/4, unchanged.
Please note that the information provided in this article is for informational purposes only. It is important to conduct further research and analysis before making any investment decisions. For more detailed information on corn market trends, you can visit Barchart.com.
This article was originally published on Barchart.com and written by Austin Schroeder.
