Corn futures saw an increase, with nearby contracts trading up 4 to 5 cents, while the March contract rose 13 ¾ cents weekly, closing at $4.84 1/4. The national average cash corn price also rose by 9 1/4 cents to $4.49. Managed money speculators added 38,882 contracts to their net long position in corn futures, totaling 292,228 contracts, the highest since May 2022.
On January 14, President Trump announced a delay in implementing new tariffs on Mexico and Canada, with a potential 25% tariff start date noted for February 1. Meanwhile, Argentina reported a 3% decline in excellent corn conditions to 39%, and Brazil’s Center-South region has only 4.1% of its first corn crop harvested.
The CFTC report showed that commercials increased their net short positions by 52,432 contracts to 540,764, the highest since June 2022.
