Corn Rally Continued on Tuesday Following More Export Business

Austin Schroeder Barchart Tue Oct 22, 5:08PM CDT
Sweet Corn still on husk by wal_172619 via Pixabay

Corn futures closed out the Tuesday session with more strength, as contracts were up 3 to 7 cents across the board. The national average Cash Corn price from cmdtyView was up just 4 ¾ cents at $3.83 per bu. 

The average close for December corn futures so far in October is $4.17. That is 49 cents below the February base insurance price.

After a slew of export business announced on Monday, another round of 359,500 MT of corn was reported to Mexico this morning. 

The weekly Crop Progress report showed the US corn crop was 98% mature as of October 20, up from the 95% average. Harvest was tallied at 65% complete, which is 13 percentage points ahead of the 5-year average pace. All of the 18 reported states by NASS were at or faster than their respective average harvest pace.

Brazil’s ANEC expects October exports to total 6.24 MMT, which is up 0.02 MMT from their previous estimate and down from the 8.45 MMT exported last year. 

Dec 24 Corn  closed at $4.16 1/2, up 7 cents,

Nearby Cash  was $3.83, up 4 3/4 cents,

Mar 25 Corn  closed at $4.29 1/4, up 6 cents,

May 25 Corn  closed at $4.36 3/4, up 6 1/4 cents,


On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.