Corn Fading Back Lower on Tuesday

Corn futures are trading with 3 to 4 cent losses across the front months on Tuesday. There were no deliveries issued against September corn overnight. The CmdtyView national average Cash Corn price is down 3 3/4 cents at $4.87 3/4. 

Tuesday morning’s Export Inspections report showed corn shipments at 1.662 MMT (65.4 mbu) in the week of September 3. That was up 10.11% from the week prior and 15.2% above the same week last year. Of that, 1.027 MMT was for old crop , with the marketing year total via Inspections data at 84.83 MMT (3.34 bbu). There was 635,789 MT shipped for new crop. Mexico was the largest destination of 399,572 MT, with 355,910 MT shipped to Japan and 294,096 MT to Colombia. 

Friday’s CFTC data showed managed money exploding to their largest reported net long in corn futures and options as of September 1 at 431,062 contracts. That was an increase of 54,549 contracts via shorts exiting and longs increasing.

Sep 26 Corn is at $5.10, down 2 cents,

Nearby Cash is at $4.87 3/4, down 3 3/4 cents,

Dec 26 Corn is at $5.33 1/4, down 3 1/2 cents,

Mar 27 Corn is at $5.48 1/2, down 3 3/4 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.