About Corn
Corn (maize) is the most-produced grain in the world. In the US it feeds livestock, makes ethanol and is exported in huge volumes, so its price links farming, energy and global trade.
What moves the corn price
- US Midwest weather during planting and the summer pollination period.
- USDA reports: WASDE, Crop Progress, Acreage and Grain Stocks.
- Ethanol demand and energy prices.
- South American harvests and export competition.
Feed, fuel and exports
US corn is used mainly as animal feed, for ethanol production (around a third of the US crop) and for exports. That links corn to livestock margins, gasoline demand and blending mandates, and to competition from Brazil, Argentina and Ukraine in export markets. China's import demand can swing the export picture from year to year.
The growing season
US planting runs from April to early June, pollination in July is the most weather-sensitive stage, and harvest runs from September to November. Markets often add a risk premium in early summer and remove it if weather is favourable. The March planting intentions and June acreage reports frequently cause large moves, as do surprises in the yield estimates of the August and later WASDE reports. Brazil's second-crop (safrinha) corn, harvested mid-year, adds a southern-hemisphere layer to the calendar.
Contract specifications
| Benchmark future | CBOT Corn (ZC), CME Group |
|---|---|
| Contract size | 5,000 bushels |
| Minimum tick | 1/4 cent per bushel = $12.50 per contract |
| Contract months | March, May, July, September, December |
| Settlement | Physical delivery via shipping certificates |
| Key reports | USDA WASDE (monthly), Crop Progress (weekly, in season), Prospective Plantings (March), Acreage (June) |
Specifications as published by the exchange; they can change, so confirm on the exchange website before trading.
Trading hours
CBOT grains trade on CME Globex Sunday to Friday 7:00 pm to 7:45 am US Central Time, then Monday to Friday 8:30 am to 1:20 pm Central Time.
Contract basics
CBOT Corn (ZC) covers 5,000 bushels, quoted in cents per bushel, minimum tick 1/4 cent ($12.50 per contract).
Quote unit
US cents per bushel. Hours and specifications can change; always confirm on the exchange's website, especially around holidays.
Corn FAQ
What moves the price of corn?
US Midwest weather during planting and the summer pollination period. USDA reports: WASDE, Crop Progress, Acreage and Grain Stocks. Ethanol demand and energy prices. South American harvests and export competition.
When does corn trade?
CBOT grains trade on CME Globex Sunday to Friday 7:00 pm to 7:45 am US Central Time, then Monday to Friday 8:30 am to 1:20 pm Central Time.
What is the standard corn contract?
CBOT Corn (ZC) covers 5,000 bushels, quoted in cents per bushel, minimum tick 1/4 cent ($12.50 per contract).
When is the US corn harvest?
Mostly September through November, after planting in April to June.
How much US corn goes to ethanol?
Roughly a third of the crop in recent years, which links corn demand to gasoline consumption and biofuel policy.