Corn Prices Continue Upward Trend
Market Report: Corn Prices Continue Upward Trend
Teaser: Corn prices at the CBoT hit new highs on Friday, supported by weaker U.S. harvests and optimistic market sentiment. The March contract closed with a gain of 1.50 ct/bu at 472.00 ct/bu. The May futures also posted significant gains. Insights into the latest developments and their impact on the global corn balance.
CBoT Corn Prices Climb FurtherCorn prices at the Chicago Board of Trade (CBoT) continued their upward trend on Friday. The March 2025 contract gained 1.50 ct/bu (+0.32%) to close at 472.00 ct/bu. The May futures rose by 2.00 ct/bu (+0.42%) to 481.50 ct/bu, while the July futures added 2.00 ct/bu to reach 484.00 ct/bu.
U.S. Harvest Pressures SupplyThe primary driver of current market dynamics remains the weaker U.S. corn harvest. The USDA, in its latest WASDE report, reduced the 2024/25 production estimate to 377.6 million tons, a 7 million ton decrease compared to December. U.S. ending stocks were also revised down to 1.54 billion bushels, below market expectations.
Global Balance Remains TightGlobal ending stocks were adjusted downward to 293.3 million tons, a 3 million ton reduction from the previous estimate. While South American harvest forecasts remained unchanged, the USDA raised its estimate for Chinese corn production by 2.9 million tons to 294.9 million tons, providing a slight cushion to global supply.
Disappointing Export DataThe USDA's weekly export sales report showed bookings of 444,950 tons for the week ending January 2, significantly below expectations of 0.7 to 1.4 million tons. Despite this, tight supply conditions in the U.S. continue to support prices.
OutlookWith ongoing supply constraints and robust demand, the outlook for corn markets remains bullish. Market participants will closely monitor developments in South America and the USDA's next report.
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Teaser: Corn prices at the CBoT hit new highs on Friday, supported by weaker U.S. harvests and optimistic market sentiment. The March contract closed with a gain of 1.50 ct/bu at 472.00 ct/bu. The May futures also posted significant gains. Insights into the latest developments and their impact on the global corn balance.
CBoT Corn Prices Climb FurtherCorn prices at the Chicago Board of Trade (CBoT) continued their upward trend on Friday. The March 2025 contract gained 1.50 ct/bu (+0.32%) to close at 472.00 ct/bu. The May futures rose by 2.00 ct/bu (+0.42%) to 481.50 ct/bu, while the July futures added 2.00 ct/bu to reach 484.00 ct/bu.
U.S. Harvest Pressures SupplyThe primary driver of current market dynamics remains the weaker U.S. corn harvest. The USDA, in its latest WASDE report, reduced the 2024/25 production estimate to 377.6 million tons, a 7 million ton decrease compared to December. U.S. ending stocks were also revised down to 1.54 billion bushels, below market expectations.
Global Balance Remains TightGlobal ending stocks were adjusted downward to 293.3 million tons, a 3 million ton reduction from the previous estimate. While South American harvest forecasts remained unchanged, the USDA raised its estimate for Chinese corn production by 2.9 million tons to 294.9 million tons, providing a slight cushion to global supply.
Disappointing Export DataThe USDA's weekly export sales report showed bookings of 444,950 tons for the week ending January 2, significantly below expectations of 0.7 to 1.4 million tons. Despite this, tight supply conditions in the U.S. continue to support prices.
OutlookWith ongoing supply constraints and robust demand, the outlook for corn markets remains bullish. Market participants will closely monitor developments in South America and the USDA's next report.
Click here to reach our trading platfrom CMBroker
