Corn futures showed strength in the Thursday session, with contracts closing up 4 to 4 ½ cents across the front months. Bulls managed to push prices higher after facing some spillover pressure from other grains earlier in the week. The CmdtyView national average Cash Corn price also saw a significant increase, up 4 cents to $4.00 3/4.
In terms of export sales data, the latest update for the week of 11/27 revealed that 1.792 MMT of corn was sold, which fell within the higher end of trade estimates ranging between 1-2 MMT. While this figure marked a 3-week low, it still represented a 3.5% increase compared to the same week last year. Export sale commitments were also notably higher, standing at 44.35 MMT or 1.746 billion bushels, which is a remarkable record pace for corn exports.
Looking at specific contract prices, Mar 26 Corn closed at $4.44 1/2, up 4 cents, while Nearby Cash was at $4.00 3/4, also up 4 cents. Meanwhile, May 26 Corn closed at $4.52 1/4, up 4 1/2 cents, and Jul 26 Corn closed at $4.58, up 4 1/2 cents.
It’s important to note that the information and data provided in this article are solely for informational purposes. The original article was published on Barchart.com, and on the date of publication, Austin Schroeder did not have any positions in the securities mentioned.
For more updates and insights on the corn market, you can visit Barchart.com.
