Corn Back to Slightly Higher at Midday
Corn futures are trading with 1 to 2 cent gains so far on Monday, with help from still solid shipment data and export business. The national average Cash Corn price from cmdtyView is up 1 1/2 cents at $3.94 3/4 per bu.
USDA reported a private export sale of 155,000 MT of corn to Mexico this morning for 2024/25 via their daily reporting system.
The weekly Export Inspections report from FGIS showed 933,274 MT (36.74 mbu) in corn shipments during the week that ended on October 3. That was a 16.02% improvement from the same week last year but still down 18.81% from last week. The largest of the shipments were to Mexico, at 423,071 MT, with 220,559 MT headed to Japan. Accumulated sales have now totaled 4.274 MMT (168.2 mbu) so far in the marketing year.
Commitment of Traders data showed spec funds in corn futures and options slashing 63,600 contracts from their net short position as of October 1. They took that net short to the smallest since August 2023 at 67,699 contracts. Commercials were adding 49,064 contracts to their net short of 157,100 contracts as of Tuesday.
AgRural estimates the Brazilian corn crop at 37% planted in the Center-South region.
Dec 24 Corn is at $4.26 1/4, up 1 1/2 cents,
Nearby Cash is at $3.94 3/4, up 1 1/2 cents,
Mar 25 Corn is at $4.42 3/4, up 1 cent,
May 25 Corn is at $4.51 3/4, up 1 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.