Weak Start for Corn Prices as Exports Remain Strong

Corn futures are starting the week on a slightly lower note, with prices dropping between 1 to 3 cents for most contract months. The national average Cash Corn price reported by cmdtyView has fallen by 1.5 cents, now standing at $4.01 per bushel.

This morning, the USDA announced a private export sale of 454,090 metric tons (MT) of corn to Mexico, comprised of 364,792 MT for the 2024/25 marketing year and 89,298 MT for 2025/26.

According to weekly data released by the USDA, corn export inspections totaled 903,049 MT (35.55 million bushels) for the week ending November 21. This represents a 2.66% increase from the previous week and a significant growth compared to the same week last year. Out of this amount, 406,285 MT was destined for Mexico and 219,705 MT for Japan. So far in the marketing year, total shipments have reached 10.028 million MT (394.81 million bushels), which is 37.54% higher than last year at this time and marks the best start since the 2018/19 marketing year.

The Commitment of Traders report from the CFTC revealed that managed money speculators have increased their net long positions in corn by 4,639 contracts as of November 19, raising the total to 114,628 contracts. In contrast, commercial traders have added 1,337 contracts to their net short positions, bringing the total to 321,974 contracts.

Dec 24 Corn is priced at $4.24, down 1.5 cents.

Nearby Cash stands at $4.01, also down 1.5 cents.

Mar 25 Corn is trading at $4.32 3/4, down 2.5 cents.

May 25 Corn is at $4.40, down 2.5 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
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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.