Corn Futures Slip After Early Gains; Export Inspections Report Mixed

Corn futures experienced a downturn on Monday, losing between 1 to 2 cents in the nearby contracts. The national average Cash Corn price, reported by cmdtyView, decreased by 1 ½ cents to $4.23.

Export Inspections Show Mixed Results

The latest Export Inspections report revealed that 878,380 MT (34.58 million bushels) of corn were shipped during the week ending December 26. This figure is down 23.36% from the previous week but shows an impressive increase of 54.14% compared to the same week last year. Mexico received the largest shipment at 292,428 MT, with Japan receiving 191,326 MT. For the current marketing year, total shipments have reached 15.359 MMT (604.67 million bushels), an increase of 28.52% compared to the same period last year (2023/24).

Investor Positions Change Slightly

A delayed Commitment of Traders report from the CFTC indicated that speculative funds only added 1,532 contracts to their net long corn position, bringing the total to 160,947 contracts as of December 24. Meanwhile, commercial traders increased their net short position by 1,069 contracts to a total of 395,621 contracts as of last Tuesday.

Corn Futures Prices

Mar 25 Corn closed at $4.52 ¾, down 1 ¼ cents.

Nearby Cash was $4.23, down 1 ½ cents.

May 25 Corn closed at $4.60 ¼, down 1 ¼ cents.

Jul 25 Corn closed at $4.63 ½, down 1 cent.

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 presented are for informational purposes only. For more details, please view the Barchart Disclosure Policy here.

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