Corn Prices Surge on Favorable USDA Report

Corn prices surged on Tuesday, with most contracts rising by four to five cents, following a favorable USDA report. The national average cash corn price also increased by four and a half cents to four dollars and three and a half cents. The WASDE report showed a substantial reduction in US ending stocks, cutting it by 125 million bushels due to increased export expectations. Global ending stocks for the 2025-2026 season are now projected to drop by 2.19 million metric tons, with a notable reduction in Ukraines corn output. Corn speculators reduced their net short positions by 17,990 contracts, indicating a shift in market sentiment. South Korea purchased 132,000 metric tons of corn, and Brazils December corn exports could reach 6.3 million metric tons, a significant increase from last weeks projection. Argentina also lowered its corn export tax by one percentage point to 8.5%.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.