Corn Markets Remain Steady Amid Mixed Influences
The CBoT corn market closed on Wednesday with minor fluctuations, showing little change in overall price movement. The active March contract declined 1.25 ct to 493.25 ct/bu (187 EUR/t). Meanwhile, Euronext corn saw a 3.25 EUR drop, settling at 214.50 EUR/t.
Market Overview
- Corn Prices Hover Near Multi-Month Highs
- Corn remains strongly positioned despite better crop outlooks in Argentina.
- Weaker wheat and soybean prices prevented further price gains.
- A weaker US dollar cushioned losses in the US market.
- Euronext prices were affected by a stronger euro and declining wheat markets.
- USDA Export Report
- On Wednesday, the USDA announced a private export sale of 330,000 t of corn to Mexico for delivery in 2025/26.
- The upcoming weekly export report (to be released today) is expected to show sales between 850,000 t and 1.5 million t for 2024/25 and up to 100,000 t for 2025/26.
- Ethanol Production Increases
- According to the EIA report, US ethanol production increased by 97,000 barrels per day to 1.112 million barrels per day for the week ending January 31.
- Ethanol stockpiles also rose, adding 690,000 barrels to reach 26.412 million barrels.
CBoT Corn – Closing Prices (As of February 6, 2025, 3:43 PM)
| Contract | Previous | Open | High | Low | Last | Change | EUR/t |
|---|---|---|---|---|---|---|---|
| Mar 25 (Active Contract) | 493.25 ct/bu | 493.25 ct/bu | 495.75 ct/bu | 488.50 ct/bu | 488.50 ct/bu | -4.75 ct (-0.96%) | 185.25 EUR/t |
| May 25 | 504.75 ct/bu | 504.50 ct/bu | 506.75 ct/bu | 500.25 ct/bu | 500.25 ct/bu | -4.50 ct (-0.89%) | 189.74 EUR/t |
| Jul 25 | 507.50 ct/bu | 507.25 ct/bu | 509.25 ct/bu | 503.75 ct/bu | 503.75 ct/bu | -3.75 ct (-0.74%) | 191.15 EUR/t |
| Sep 25 | 470.50 ct/bu | 470.00 ct/bu | 471.25 ct/bu | 467.25 ct/bu | 467.25 ct/bu | -3.25 ct (-0.69%) | 177.27 EUR/t |
| Dec 25 | 468.50 ct/bu | 467.75 ct/bu | 469.25 ct/bu | 465.75 ct/bu | 465.75 ct/bu | -2.75 ct (-0.59%) | 176.66 EUR/t |
(EUR conversion based on the exchange rate of 1 USD = 0.92 EUR)
Euronext Corn – Closing Prices (As of February 6, 2025, 3:35 PM)
| Contract | Previous | Open | High | Low | Last | Change |
|---|---|---|---|---|---|---|
| Mar 25 (Active Contract) | 214.50 EUR/t | 214.25 EUR/t | 215.25 EUR/t | 213.75 EUR/t | 214.00 EUR/t | -0.50 EUR (-0.23%) |
| Jun 25 | 220.50 EUR/t | 220.25 EUR/t | 221.00 EUR/t | 220.00 EUR/t | 220.25 EUR/t | -0.25 EUR (-0.11%) |
| Aug 25 | 224.50 EUR/t | 224.00 EUR/t | 225.00 EUR/t | 224.00 EUR/t | 225.00 EUR/t | +0.50 EUR (+0.22%) |
| Nov 25 | 218.75 EUR/t | 219.25 EUR/t | 220.00 EUR/t | 218.75 EUR/t | 219.75 EUR/t | +1.00 EUR (+0.46%) |
Conclusion & Outlook
Corn markets are holding near multi-month highs but face mixed signals from fundamentals. Strong export demand and rising ethanol production remain supportive, but improving weather conditions in Argentina and weaker wheat and soybean prices are limiting further gains. The market awaits today’s USDA weekly export report, which could influence future price direction.
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