Corn futures are posting 1 to 3 cent gains across most contracts so far on Monday. The CmdtyView national average Cash Corn price is up 1 1/4 cent to $3.96 3/4.
USDA reported a private export sale of 125,000 MT of corn to Colombia this morning.
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Monday morning’s Export Inspections report showed 2.05 MMT (79.94 mbu) of corn shipped in the week of 2/19. That was the second largest total for the marketing year, 33.26% above the week prior and 71.91% above the same week last year. Japan was the largest destination of 445,467 MT, with 416,671 MT shipped to Mexico and 404,881 MT to South Korea. The marketing year total is now 37.745 MMT (1.486 bbu) of corn shipped since September 1, which is 45.64% larger than the same period last year.
Commitment of Traders data from Friday afternoon showed a total of 20,795 contracts trimmed from the spec fund net long position in the week of February 17. That took the net short to 27,415 contracts.
A couple South Korean importers purchased a total of 130,000 MT in a tender on Friday, with at least half of that expected to be sourced from the US.
Brazil’s first corn crop is estimated at 28% harvested according to AgRural, behind the 37% average pace. The second crop was tallied at 50% planted by Thursday, lagging the 64% average pace.
Mar 26 Corn is at $4.28 3/4, up 1 1/4 cents,
Nearby Cash is at $3.96 3/4, up 1 1/4 cents,
May 26 Corn is at $4.42 1/4, up 2 1/2 cents,
Jul 26 Corn is at $4.51, up 2 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.
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