Corn price action on Monday’s midday is showing steady to 3 cent gains, pulling back from early morning strength. The CmdtyView national average Cash Corn price is back up 3/4 cents at $4.21.
Export Inspections data showed a total of 1.659 MMT (65.29 mbu) of corn shipped during the week of March 13. That was an increase of 25.06% from the same week last year but 10.06% below the previous week. Mexico was the largest destination of 346,619 MT, with 322,618 MT to Japan, and 178,227 MT to Columbia. Marketing year exports were 30.76 MMT (1.211 bbu) since September 1, which is 32.65% above the same period last year.
Friday’s CFTC report showed speculators in corn futures and options cutting back another 73,211 contracts from their net long position a of March 11. That took their net long to 146,541 contracts, a reduction of 190,913 contracts over the previous 2-week period. Commercials were backing off their large net short by 77,711 contracts, mainly due to additional commercial longs.
AgRural estimates the Brazilian second corn crop at 97% planted as of last Thursday.
May 25 Corn is at $4.58 1/2, unch,
Nearby Cash is at $4.21 1/2, up 1/4 cent,
Jul 25 Corn is at $4.68 1/4, up 3/4 cent,
Dec 25 Corn is at $4.53 3/4, up 2 3/4 cents,
New Crop Cash is at $4.16, up 2 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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