Corn Market: Gains at CBoT and Euronext on Thursday

Corn futures at the Chicago Board of Trade (CBoT) closed higher on Thursday. The most actively traded March contract gained 5 cents, finishing at 435 cents per bushel. One bushel equaling 25.4 kg translates to a price of 171.24 USD per ton, or approximately 155.83 EUR per ton (based on an exchange rate of 1 USD = 0.91 EUR).

At the Euronext, the front-month March contract increased by 0.75 EUR, closing at 206.50 EUR per ton.

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Key Drivers

• CBoT:
  • Supported by strong export demand and rising prices for soybeans and wheat.
  • The March contract broke a three-day losing streak, reaching its highest level in nearly two weeks.
• Euronext:
  • Gains were more modest, reflecting stability in the European corn market.

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USDA Weekly Export Data

For the week ending November 28, the USDA reported:

• 2024/25 export bookings: 1.732 million tons, exceeding analyst expectations of 0.75 to 1.5 million tons.
  • This represents a 63% increase compared to the previous week and a 34% rise year-over-year.
• 2025/26 bookings: 22,098 tons.

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U.S. and Brazilian Export Figures

• U.S. Corn Exports (October):
  • Total shipments reached 4.05 million tons, the largest October volume since 2018.
  • However, this was 5% lower than September's exports.
• Brazilian Corn Exports (November):
  • Total exports amounted to 4.73 million tons, significantly lower than October and a 36.2% drop year-over-year.

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Weather Conditions in South America

Widespread rainfall in Brazil and Argentina is expected to improve soil moisture, benefiting corn crops during critical growth stages.

These favourable developments in export demand and production conditions underline a cautiously optimistic outlook for the global corn market.

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