Corn Pulling Back to Start Turnaround Tuesday

Corn prices are starting off the Tuesday trade with contracts down 2 to 3 cents. Futures closed out the Monday session with contracts 2 ¾ to 7 cents higher across the board, as a weaker dollar provided some support. Preliminary open interest was up 12,715 contracts, implying net new buying. The national average Cash Corn price from cmdtyView was up 6 1/4 cents at $4.28 1/2.

Commitment of Traders data from CFTC showed specs adding 67,859 contracts to their net long position as of 12/31. That took them to a net long of 228,806 contracts, the largest net long since February 2023.

USDA’s weekly Export Inspections report showed a total of 847,463 MT (33.36 mbu) of corn shipped in the week that ended on January 2. That was a drop of 6.62% from last week and down 22.42% from the same week last year. Mexico was the top destination of 273,873 MT, with 139,576 MT shipped to Columbia, and 133,237 MT to Japan. Marketing year to date shipments are now 16.236 MMT (639.2 mbu), which is still 24.49% above the same period in the 2023/24 MY. 

Brazil’s trade ministry reported December corn exports at 4.266 MMT, which was down 29.64% from December 2023.

Mar 25 Corn  closed at $4.57 3/4, up 7 cents, currently down 3 cents

Nearby Cash  was $4.28 1/2, up 6 1/4 cents,

May 25 Corn  closed at $4.65 1/4, up 7 cents, currently down 3 cents

Jul 25 Corn  closed at $4.68, up 6 3/4 cents, currently down 3 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.