The corn market is trading with contracts fractionally lower in the new crop months and down 4 1/2 cents in the nearbys. The front month CmdtyView national average Cash Corn price is down 4 1/2 cents at $4.57 1/2.
USDA released a private export sale of 120,000 MT of corn to Japan this morning for 2024/25 shipment.
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Export Inspections data showed a total of 1.829 MMT (72 mbu) of corn shipped during the week of April 10. That was an increase of 34.02% from the previous week and 13.36% above the same week last year. Mexico was the largest destination of 632,450 MT, with 265,158 MT to Japan, and 162,389 MT to Taiwan. Marketing year exports have totaled 37.51 MMT (1.477 bbu), which is 30.49% above the same period last year.
CFTC data from Friday afternoon showed speculators in corn futures and options trimming their net long position by 3,181 contracts in the week ending on April 8, taking it to 53,576 contracts, mainly on increased shorts. Commercials trimmed their net short position by 4,933 contracts to 331,811 contracts.
APK-Inform estimates that the Ukraine corn crop will be up a sharp 18% from the year prior to 29.2 MMT in a release on Monday.
May 25 Corn is at $4.85 3/4, down 4 1/2 cents,
Nearby Cash is at $4.57 1/2, down 4 1/2 cents,
Jul 25 Corn is at $4.93 1/4, down 3 3/4 cents,
Dec 25 Corn is at $4.62 3/4, down 3/4 cent,
New Crop Cash is at $4.27 3/4, down 3/4 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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