The corn market started off Monday trade sputtering, but bulls are pushing higher at midday. Midday price action is steady to 2 cents higher. The CmdtyView national average Cash Corn price is up 1 ¼ cents at $4.31.
Export Inspections data showed a total of 1.463 MMT (57.6 mbu) in corn shipments during the week that ended on March 20. That was a 16.57% increase from the same week last year but down 13.54% from last week. Mexico was the top destination of 474,491 MT, with 412,434 MT headed for Japan, and 136,336 MT on its way to South Korea. Marketing year to date exports have totaled 32.268 MMT (1.27 bbu), which is up 32% from the same period last year.
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Weekly Commitment of Traders data showed the managed money crowd in corn futures and options peeling back their net long position in the week of 3/18 by 39,271 contracts. The net long was just 107,270 contracts as of Tuesday, vs. the 364,217 position at the beginning of February. Commercials saw shorts were exiting, with the net short down 38,690 contracts to 422,760 contracts.
With the second crop corn in Brazil just finishing off planting, AgRural estimates the safrinha crop at 87.9 MMT. That is steady with their prior number, though they did issue convers due to irregular rainfall.
May 25 Corn is at $4.65 1/2, up 1 1/4 cents,
Nearby Cash is at $4.31, up 1 1/4 cents,
Jul 25 Corn is at $4.73, up 1 1/2 cents,
Dec 25 Corn is at $4.51, unch,
New Crop Cash is at $4.14 1/1, up 1/4 cent,
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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