Corn futures are experiencing early trading losses of 1 to 2 cents on Tuesday, January 10, following a substantial increase on Monday where contracts rose by 6 to 8 cents due to tighter balance sheets indicated by the USDA. Open interest shows a notable increase of 53,499 contracts, with the national average cash corn price rising by 5 cents to $4.42 1/2.
In export inspections for the week ending January 9, a total of 1.44 million metric tons (MMT) of corn was shipped, a 64.27% increase from the previous week and 50.67% larger than the same week last year. Japan was the leading buyer, importing 450,147 MT, while Mexico purchased 404,287 MT. Year-to-date shipments have reached 16.236 MMT, marking a 24.49% increase compared to the same period in the previous marketing year.
The latest Commitment of Traders data indicates that managed money speculators increased their net long position by 24,540 contracts to 253,346 contracts. Commercials also saw a rise in their net short position, adding 22,497 contracts for a total of 448,332. Additionally, Brazil’s corn crop estimate has seen a minor reduction, now projected at 119.55 MMT.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
