Weekly Update on the Corn Market
The corn market ended its trading session on Friday with varying results. Nearby contracts experienced a modest increase of 1.5 cents, while the December futures saw a decline of 0.75 cents. Over the course of the week, May futures dropped by 3.5 cents. According to the latest figures from CmdtyView, the national average cash price for corn rose by 1.5 cents, reaching $4.52 ¾.
On the export front, the USDA disclosed that a private sales agreement was made for 235,000 metric tons of corn destined for Mexico. This deal included 130,000 metric tons for the 2024/25 crop year and 105,000 metric tons earmarked for 2025/26.
Market Trends and Speculation
Recent data from the Commodity Futures Trading Commission (CFTC) indicated that speculative funds reduced their net long positions during the week that concluded on April 22. As of Tuesday, their net long positions stood at 112,805 contracts after a decrease of 11,768 contracts.
Japanese officials are reportedly exploring the possibility of increasing corn imports from the United States amidst ongoing trade negotiations. Typically, Japan fulfills 60-70% of its corn requirements through U.S. sources, making it the second-largest importer of American corn this year at a substantial 10.09 million metric tons.
Corn Export Commitments
Current statistics show that total corn export commitments have reached 57.734 million metric tons, which represents a 26% increase compared to the same time last year. This figure accounts for 89% of the USDA’s export projection, falling slightly short of the 92% average pace for this time of year.
Closing Prices
To summarize the closing prices:
- May 2025 Corn: Closed at $4.78 ¾, up 1.5 cents.
- Nearby Cash Price: Settled at $4.52 ¾, also up 1.5 cents.
- July 2025 Corn: Closed at $4.85 ½, showing gains of 1.5 cents.
- December 2025 Corn: Finished at $4.55 ¾, down 0.75 cents.
- New Crop Cash: Registered at $4.18 ⅜, down 1.75 cents.
This detailed landscape of the corn market reveals dynamics influenced by both domestic actions and international trade developments. The interplay of speculative trading and export commitments presents a complex scenario for stakeholders in the agricultural sector.
Stay tuned for more analysis and updates as the market continues to evolve.
