Corn Faces Thursday Stress with Weaker Export | U.S. Finance Information
The corn market was within the pink for a lot of the Thursday session with losses of 12 to 14 cents within the nearbys on the close and new crop December down 5 ¼ cents. Stress was coming from a number of instructions, by way of a potential tariff risk this subsequent week and weaker export business. USDA’s massive acreage quantity was not useful, although a shift to corn this spring has been anticipated. CmdtyView’s national average Money Corn price was 11 3/4 cents decrease at $4.34.
With simply in the future left for the bottom crop insurance coverage price discovery, the average for December corn futures closes has been $4.71 thus far this month. That’s up a nickel from final yr.
Commodity Bulletin: From crude oil to espresso, this FREE e-newsletter is for industry professionals and rookies alike
This morning President Trump corrected the assertion about an April begin date on the Mexico/Canada tariffs, stating he misspoke. The implementation date remains to be on for subsequent Tuesday and the opposite reciprocal tariffs occurring in April.
Weekly Export Gross sales information from this morning confirmed simply 794,694 MT in corn bookings for previous crop corn during the week of 2/20. That was beneath estimates and the bottom whole in 7 weeks. Mexico was the biggest purchaser of 378,800 MT, with Columbia shopping for 184,300 MT. New crop gross sales totaled 128,000 MT, above the estimated 0-100,000 MT.
The annual USDA Outlook Discussion board numbers had been launched this morning, exhibiting corn acreage estimated at 94 million acres by Workplace of the Chief Economist. That non-survey pushed quantity is up 3.4 million from final yr. Their steadiness sheet used a 181 bpa ‘weather adjusted’ pattern yield, with a projected carryout of 1.965 billion bushels.
The Buenos Aires Grain Alternate tallied the Argentina corn crop at 21% glorious, up 2% from final week, with the poor rankings down 1% to 29%.
Mar 25 Corn closed at $4.64 3/4, down 13 1/2 cents,
Close by Money was $4.34, down 11 3/4 cents,
Could 25 Corn closed at $4.81, down 12 1/2 cents,
Dec 25 Corn closed at $4.61 3/4, down 5 1/4 cents,
New Crop Money was $4.28 3/8, down 6 1/4 cents,
On the date of publication,
Austin Schroeder
didn’t have (both immediately or not directly) positions in any of the securities talked about on this article. All data and information on this article is solely for informational functions. For more data please view the Barchart Disclosure Coverage
right here.
Extra news from Barchart
The views and opinions expressed herein are the views and opinions of the writer and don’t essentially replicate these of Nasdaq, Inc.
Keep up to date with the latest news within the US markets! Our web site is your go-to source for cutting-edge financial news, market trends, financial insights, and updates on home trade. We offer each day updates to make sure you have entry to the freshest data on stock market actions, commodity costs, currency fluctuations, and main financial bulletins.
Discover how these trends are shaping the longer term of the US economic system! Go to us repeatedly for essentially the most participating and informative market content material by clicking right here. Our rigorously curated articles will keep you knowledgeable on market shifts, investment methods, regulatory modifications, and pivotal moments within the US financial panorama.
