Corn Futures Rise as Dollar Weakens, Export Numbers Reveal Market Trends

Market Update: Strong Price Increases Seen in Corn Contracts

Corn futures finished the Monday session showing gains, with contracts climbing between 2 ¾ to 7 cents. A weaker dollar contributed to this upward movement. According to cmdtyView, the national average cash corn price increased by 6 1/4 cents, reaching $4.28 1/2.

Traders Boost Positions: Latest Data Released

Recent Commitment of Traders data from the CFTC revealed that speculators added 67,859 contracts to their net long position as of December 31. This brings their total net long to 228,806 contracts, marking the highest level since February 2023.

Export Report: Weekly Trends Indicate Shifts in Demand

The USDA’s weekly Export Inspections report indicated that a total of 847,463 metric tons (33.36 million bushels) of corn were shipped in the week ending January 2. This reflected a decline of 6.62% from the previous week and a drop of 22.42% compared to the same week last year. Notably, Mexico was the leading destination, receiving 273,873 metric tons, followed by 139,576 metric tons sent to Columbia, and 133,237 metric tons to Japan. Year-to-date shipments now total 16.236 million metric tons (639.2 million bushels), which remains 24.49% higher than the same time frame in the 2023/24 marketing year.

Brazil’s Export Figures Show Significant Decrease

Brazil’s trade ministry reported that corn exports for December reached 4.266 million metric tons, down 29.64% from December 2022.

Latest Contract Prices: Corn Gains Across the Board

March 25 Corn closed at $4.57 3/4, reflecting a rise of 7 cents.

Nearby Cash prices reached $4.28 1/2, up 6 1/4 cents.

May 25 Corn prices closed at $4.65 1/4, also up 7 cents.

July 25 Corn finished at $4.68, an increase of 6 3/4 cents.

At the time of publication, Austin Schroeder did not hold any direct or indirect positions in the securities mentioned in this article. The information and data are provided solely for informational purposes. For more details, please refer to 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.