The corn market is posting another round of weaker trade on Monday, with losses of 4 to 13 cents across the board, led by the front months. There were 220 deliveries issued against March futures overnight, all by a Marex customer. CmdtyView’s national average Cash Corn price is down 7 3/4 cents at $4.15 ¼.
The USDA reported a private export sale of 114,000 MT of corn to Mexico this morning for 2024/25.
This morning’s Export Inspections report showed a total of 1.351 MMT (53.2 mbu) of corn shipped in the week that ended on February 27. That was an increase of 15.86% from last year and 17.91% above the same week last year. The largest destination was Mexico at 41,6371 MT, with 272,570 MT to Japan and 138,421 MT to Spain. Marketing year exports are now at 27.257 MMT (1.073 bbu), which is now 31.69% above the same week last year.
Managed money spec funds in corn futures and options were backing off of their large net long position in the week that ended on February 25 by 16,079 contracts. That was mainly via longs exiting, with a net long of 337,454 contracts by last Tuesday.
Mar 25 Corn is at $4.41 1/2, down 12 cents,
Nearby Cash is at $4.15 1/4, down 7 3/4 cents,
May 25 Corn is at $4.56 3/4, down 12 3/4 cents,
Dec 25 Corn is at $4.50 1/4, down 4 3/4 cents,
New Crop Cash is at $4.16 3/4, down 4 1/2 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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