Corn Prices Rise Amid Strong Wheat Market Influence
The corn market is demonstrating positive movement on Monday, with prices climbing 2 to 3 cents, largely due to strong support from a significant uptick in the wheat market. According to cmdtyView, the national average Cash Corn price has increased by 3 cents, reaching $4.04 per bushel.
Significant Export Inspections Boost Corn Shipments
Export Inspections data from the FGIS revealed that a total of 820,608 MT (32.306 million bushels) of corn was shipped during the week of November 14. This marks a 2.93% increase from the previous week and is 36.52% higher than the same week last year. Among these exports, 396,178 MT was sent to Mexico, while Japan received 129,132 MT. Total shipments for the marketing year now stand at 9.062 MMT (356.77 million bushels), representing a 31.88% rise compared to the same time last year, the highest for this week in six years.
Speculation Trends Show Changes in Managed Money
Recent CFTC data indicated a notable amount of spec corn shorts were covered in the week ending November 12, resulting in managed money holding a net long position of 109,989 contracts. This reflects an increase of 87,946 contracts, with 71,311 shorts exiting the market. Conversely, commercial traders added 77,688 contracts to their net short position, bringing their total to 320,637 contracts—the highest net short for commercials since February 2023.
Brazil’s Corn Planting Progress
As of November 14, Brazil’s first corn crop has reached 86% planted in the Center-South region, a quicker pace compared to the 80% completion from last year.
Current Corn Futures Prices
Dec 24 Corn is priced at $4.27, reflecting an increase of 3 cents.
Nearby Cash stands at $4.04, also up 3 cents.
Mar 25 Corn is priced at $4.37 3/4, gaining 2 1/2 cents.
May 25 Corn is at $4.44 3/4, up by 2 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 are solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
