By Jamie Martin
Recently corn futures experienced a robust rally, with significant gains ranging from 9 to 11 cents across various contracts. The uptick in prices was primarily supported by a dry weather outlook across the Corn Belt, coinciding with the critical pollination and grain fill stages.
The latest USDA Crop Progress report further influenced the market dynamics, revealing that 61% of the US corn crop is now silking, surpassing the average pace by 5%. Additionally, 17% of the crop has reached the dough stage, 6% ahead of the typical rate.
Overall crop conditions have shown a slight decline, with the good/excellent ratings dropping by 1% to 67%. This adjustment led to a 2-point decrease in the Brugler500 index, now at 370.
On the trade front, the USDA reported a significant private export sale of 133,000 MT of corn to Mexico for the 2024/25 season.
Recent Export Inspections data indicated a robust export activity with 970,539 MT of corn shipped last week, marking a substantial increase over last year, though slightly lower than the previous week.
Mexico remains the largest recipient of these exports, highlighting the ongoing demand from this key market. As the market reacted to these developments, corn prices settled higher, with the September contract closing at $4.00 1/4 per bushel, reflecting the market's sensitivity to both climatic conditions and export activities.
Photo Credit: gettyimages-awakr10
Categories: National