Midday Update: Corn Market Gains Momentum as Exports Rise

The corn market is experiencing midday gains of 1 to 2 ½ cents on this Monday. Recently, an additional 43 deliveries against December corn futures were reported on Friday evening. The national average cash corn price is now at $4.15 1/2, reflecting an increase of 2 ½ cents, according to cmdtyView.

USDA Reports Strong Export Shipments

The USDA’s latest weekly Export Inspections report revealed that shipments totaled 1.13 MMT (44.48 mbu) for the week ending December 12. This marks a significant 17.7% increase compared to the same week last year and a 6.79% rise from the previous week. Mexico was the largest destination, receiving 377,397 MT, followed by Japan with 206,019 MT, Spain with 136,897 MT, and Colombia with 124,780 MT. Overall, marketing year shipments now stand at 13.3 MMT (523.63 mbu), up 31% from the same period last year.

Traders React to Market Changes

According to Friday afternoon’s Commitment of Traders data, speculative funds increased their net long position in corn futures and options, adding 77,670 contracts as of Tuesday’s close. This brought their net position to 165,890 contracts on December 10, the highest level in 22 months. In contrast, commercial traders expanded their net short position by 82,715 contracts, resulting in a total of 386,100 contracts by Tuesday.

Current Prices

Mar 25 Corn: $4.44 1/4 (+2 1/4 cents)

Nearby Cash: $4.15 1/2 (+2 1/2 cents)

May 25 Corn: $4.51 1/4 (+2 cents)

Jul 25 Corn: $4.54 1/4 (+1 1/4 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 here.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.