The corn market is posting stronger action on Tuesday, starting off the week with gains of 4 to 7 cents across most contracts as nearby March pushed through the $5 level. The CmdtyView national average Cash Corn price is up 6 1/2 cents on Friday at $4.69.
The weekly Export Inspections figure from USDA showed a large 1.611 MMT (63.44 mbu) of corn shipped in the week that ended on February 13. That was a 53.15% increase from the same week last year and 18.91% above the previous week. Mexico was the largest destination of 671,925 MT, with 254,389 MT to Japan, 207,775 MT headed to Vietnam and 207,160 MT to South Korea. That brought the marketing year total to 24.73 MMT (973.5 mbu), which is 35.4% above the same week in 2024.
CFTC‘s Commitment of Traders report showed managed money cutting 31,828 contracts from their net long position in corn futures and options as of Tuesday. They took that net position to 332,389 contracts.
Brazil’s AgRural estimates the country’s first corn crop at 29% harvested as of last Thursday, with the second corn crop 36% planted. A Taiwan importer has issued a tender to buy 65,000 MT of corn, with a Wednesday deadline.
Mar 25 Corn is at $5.02 1/2, up 6 1/4 cents,
Nearby Cash is at $4.69, up 6 1/2 cents,
May 25 Corn is at $5.16, up 7 1/4 cents,
Dec 25 Corn is at $4.77 1/2, up 4 1/2 cents,
New Crop Cash is at $4.46 1/1, up 4 3/4 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.
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