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Re:

July 2024 Corn Futures Close at $4.69¾, Up 13¼¢ on May 10

July 2024 corn futures settled at $4.69¾ per bushel on May 10, 2024, up 13¼ cents. The USDA’s lower-than-expected new-crop stocks projection was a key market context.
From TheFinanceBase Team2 min to read
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July 2024 corn futures settled at $4.69¾ per bushel on Friday, May 10, 2024, up 13¼ cents from the previous session. The session followed the USDA’s May World Agricultural Supply and Demand Estimates (WASDE), which projected lower-than-expected U.S. new-crop ending stocks; market coverage linked the report to the rally, but does not establish it as the move’s sole cause.

July corn futures settlement on May 10

Brownfield Ag News reported the July 2024 contract at $4.69¾ per bushel, up 13¼ cents on the day. The headline figure “up 13¢” rounds that reported gain. Futures prices apply to a specific delivery month, so this is not a cash price for physical corn or a quote for every corn contract.

Brownfield’s May 10 settlement report lists the July contract’s close.

How other corn contracts finished

DTN reported a different settlement and daily gain for December 2024 corn, the new-crop contract. The month matters when comparing prices:

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Contract Settlement Daily change
July 2024 corn $4.69¾ per bushel Up 13¼ cents
December 2024 corn $4.92 per bushel Up 12 cents

Both figures are reported by DTN; they refer to separate delivery months, not interchangeable prices.

What the May WASDE said about corn stocks

The USDA’s May 2024 WASDE projections were a key market context. According to DTN’s report, projected U.S. corn ending stocks for the 2024/25 marketing year were 2.102 billion bushels, 154 million bushels below the Dow Jones pre-report trade survey estimate. The comparison is with the survey expectation, not a claim that stocks fell by 154 million from the USDA’s previous forecast.

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DTN also reported projected 2023/24 ending stocks of 2.022 billion bushels, reflecting increases to domestic usage and exports. These are distinct marketing years: 2023/24 is the old-crop balance sheet, while 2024/25 is the new-crop projection.

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Why corn rose—and what the move does not prove

DTN described corn’s rise as following lower-than-expected old- and new-crop carryout. The University of Illinois farmdoc daily later characterized the price response as positive but muted, noting that December futures rose about 11 cents on May 10. That description concerns December futures and is not the same contract-specific close as July’s 13¼-cent gain.

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The contemporaneous coverage associates the USDA report with the day’s gains; it does not demonstrate that the report alone caused them. Futures prices can reflect multiple market influences, and the available accounts do not isolate each influence.

Sources: DTN, May 10, 2024; University of Illinois farmdoc daily, May 2024.

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