The corn market is posting midday gains of 2 to 3 cents so far on Monday, as spillover support from a double digit bounce in the wheat market. The national average Cash Corn price from cmdtyView is up 3 cents at $4.04 per bu.
Export Inspections data from the FGIS showed a total of 820,608 MT (32.306 mbu) of corn shipped in the week of 11/14. That was a 2.93% jump from the week prior and 36.52% larger than the same week last year. Of that total, 396,178 MT was headed to Mexico, with 129,132 MT on its way to Japan. Total marketing year shipments are now 9.062 MMT (356.77 mbu), which is 31.88% above the same point last year and a 6-year high for the current week.
CFTC data showed a large amount of spec corn shorts covering in the week of 11/12, with the managed money net long now at 109,989 contracts. That was an increase of 87,946 contracts, with 71,311 of that via shorts exiting. Commercials were adding 77,688 contracts to their net short as of Tuesday at 320,637 contracts. That was the largest net short for commercials since February 2023.
Brazil’s first corn crop was pegged at 86% planted as of November 14 in the Center-South region of the country, which is faster than the 80% pace from last year.
Dec 24 Corn is at $4.27, up 3 cents,
Nearby Cash is at $4.04, up 3 cents,
Mar 25 Corn is at $4.37 3/4, up 2 1/2 cents,
May 25 Corn is at $4.44 3/4, up 2 cents,
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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.
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