Corn futures are trading with 1 to 2 cent losses in early Tuesday morning trade. The Corn market shot higher again on Monday, with contracts up 6 to 8 cents in follow through buying from the tighter balance sheets USDA left on Friday. Preliminary open interest continued to show net new buying, up 53,499 contracts. Basis did back off, as the national average Cash Corn price from cmdtyView was up 5 cents at $4.42 1/2.
Export Inspections data showed a total of 1.44 MMT (56.73 mbu) of corn shipped in the week of January 9. That was a jump of 64.27% from the previous week and 50.67% larger than the same week last year. Japan was the top buyer in that week at 450,147 MT, with 404,287 MT sold to Mexico. Marketing year to date shipments have totaled 16.236 MMT (639.2 mbu), which is 24.49% above the same period in 2023/24.
Commitment of Traders data showed a managed money spec funds adding 24,540 contracts to their net long position as of January 7, to a net long of 253,346 contracts. Commercials were listed as adding 22,497 contracts to their net short at 448,332 contracts as of last Tuesday.
CONAB numbers were released this morning, with the Brazilian corn crop trimmed just slightly by 0.08 MMT to 119.55 MMT.
Mar 25 Corn closed at $4.76 1/2, up 6 cents, currently down 1 1/2 cents
Nearby Cash was $4.42 1/2, up 5 cents,
May 25 Corn closed at $4.86 3/4, up 7 1/4 cents, currently down 1 1/2 cents
Jul 25 Corn closed at $4.90, up 8 cents, currently down 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. More news from Barchart- The USDA’s Big Surprise: How Crop Reductions Will Likely Impact Grain Prices
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