The corn market is holding onto the gains at Monday’s midday, up fractionally to 4 cents following a robust inspections number reported this morning. There were no new deliveries issued against March corn overnight. CmdtyView’s national average Cash Corn price is up 3 1/4 cents at $4.32 1/4.
The USDA reported a private export sale of 126,000 MT of corn to Japan this morning for 2024/25.
Commodity Bulletin: From crude oil to coffee, this FREE newsletter is for industry pros and rookies alike
This morning’s Export Inspections report showed a total of 1.819 MMT (71.64 mbu) of corn shipped in the week that ended on March 6. That was an increase of 34.54% from last week, a MY high, and 56.04% above the same week last year. The largest destination was Japan at 399,293 MT, with 391,083 MT to Mexico and 209,098 MT to South Korea. Marketing year exports are now at 29.078 MMT (1.145 bbu), which is now 33% above the same week last year.
Ahead of the USDA report on Tuesday, analysts are expecting to see a 24 mbu reduction to the US corn carryout projection, to 1.516 bbu. On the world side, traders are looking for the Argentina total to be trimmed 1 MMT to 49 MMT, with Brazil seen unchanged at 126 MMT.
Friday’s CFTC Commitment of Traders report showed spec funds slashing 117,702 contracts from their net long position in the week ending on March 4, the second largest Tuesday/Tuesday bear move on record. That took their net long to 218,752 contracts
AgRural estimates the Brazilian second corn crop at 92% as of last Thursday.
Mar 25 Corn is at $4.59 1/2, up 4 1/4 cents,
Nearby Cash is at $4.32 1/4, up 3 1/4 cents,
May 25 Corn is at $4.72 1/4, up 3 cents,
Dec 25 Corn is at $4.55, up 3/4 cent,
New Crop Cash is at $4.20 1/1, up 1 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
- 4 Catalysts Ag Futures Markets Traders Should Watch This Week
- The Tide Is Turning Bearish for Grains Futures Prices. How Long Will the Selling Pressure Last?
- There Were No Big Surprises in the USDA’s Ag Outlook Forum Forecasts. So Why Are Grains Futures Prices Falling?
- Ag Markets Focused on This Week’s USDA Outlook Forum: 3 Key Things to Watch
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
