Corn Leaking Lower at Midday

Corn price action at midday is showing 2 to 3 cent losses so far, as contracts are facing some Turnaround Tuesday weakness. The national average Cash Corn price from cmdtyView is down 2 1/2 cents at $4.26. 

USDA reported a private export sale of 110,000 MT of corn sold to Columbia this morning for 2024/25 shipment.  

Census data for November exports was released this morning, showing 4.704 MMT (185.2 mbu) of corn shipped during the month, a 6-year high. That was also 16.22% above last month and took the first quarter total to 513 mbu. Distillers exports during November were a 3-year high at 946,804 MT. November shipments of ethanol totaled 187.6 million gallons, which was a record for the month. 

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.

Mar 25 Corn is at $4.55 1/4, down 2 1/2 cents,

Nearby Cash is at $4.26, down 2 1/2 cents,

May 25 Corn is at $4.63, down 2 1/4 cents,

Jul 25 Corn is at $4.65 3/4, down 2 1/4 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.