Corn prices are reverting from the Monday weakness, with Tuesday Morning gains of 2 to 3 cents. Futures failed to hold the early morning strength on Monday to close with losses of 1 to 2 cents in the nearby contracts on Monday. Preliminary open interest was up 9,880 contracts. The national average Cash Corn price from cmdtyView was down 1 1/2 cents at $4.23. The market will be closed on Wednesday, with a hard 8:30 am CST open on Thursday.
Monday morning’s Export Inspections report indicated a total of 878,380 MT (34.58 mbu) of corn shipped in the week that ended on 12/26. That was a drop of 23.36% from the previous week but up 54.14% from the same Christmas week last year. Mexico was the largest destination of 292,428 MT, with 191,326 MT headed to Japan. Shipments for the marketing year have totaled 15.359 MMT (604.67 mbu), an increase of 28.52% from the same week period in 2023/24.
A delayed Commitment of Traders report from CFTC showed spec funds adding just 1,532 contracts to their net long position in corn futures and options as of 12/24. They took that position to 160,947 contracts. Commercials added 1,069 contracts to their net short as of last Tuesday to 395,621 contracts.
Mar 25 Corn closed at $4.52 3/4, down 1 1/4 cents, currently up 2 1/2 cents
Nearby Cash was $4.23, down 1 1/2 cents,
May 25 Corn closed at $4.60 1/4, down 1 1/4 cents, currently up 2 1/2 cents
Jul 25 Corn closed at $4.63 1/2, down 1 cent, currently up 2 1/2 cents
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