Corn futures saw gains of 2 to 3 cents across most contracts on Wednesday, December 20, 2023. The CmdtyView national average cash corn price rose by 2.5 cents to $4.06 1/2. Early market closures are expected today, with trading resuming at 8:30 AM CST on Friday, December 22.
As of December 11, total corn export commitments reached 47.579 million metric tons (MMT), marking a 31% increase from the previous year and accounting for 59% of the USDA’s record projection. Actual corn shipments made up 28% of that forecast, significantly surpassing the 19% five-year average.
The CFTC’s Commitment of Traders report dated December 16 indicates that speculative traders transitioned to a net long position of 52,672 corn futures and options contracts, reversing a previous short position. Additionally, the Buenos Aires Grain Exchange reported that 77.7% of Argentina’s corn crop is planted, with 87% rated as good to excellent conditions.
