Corn Futures Face Decline Amid Planting Progress and Export Numbers
Corn futures are currently experiencing losses ranging from 6 to 14 cents as of Monday. The nearby CmdtyView national average Cash Corn price has decreased by 13 3/4 cents to $4.25 3/4. A lack of precipitation across much of the Corn Belt in the coming week is advancing planting activities. In addition, favorable weather conditions in Brazil’s second corn crop growing region are putting further downward pressure on the market this midday.
Latest Export Figures
The USDA’s Export Inspections report revealed a total of 1.61 MMT (63.32 million bushels) of corn shipped for the week ending May 1. This figure marks a decrease of 3.48% from the previous week but is 23.81% higher than the same week last year. Mexico leads as the top destination with 557,095 MT, followed by Japan with 433,524 MT and Colombia with 165,983 MT. Cumulative marketing year shipments have reached 42.515 MMT (1.674 billion bushels), up 28.8% compared to last year’s figures.
Crop Progress Anticipation
Crop Progress data is set to be released this afternoon, with most analysts expecting to see corn planting across the country at 40% complete.
Trader Positions Update
According to the Commitment of Traders data from the CFTC, speculators have reduced their net long position by 41,476 contracts, now holding a net long of 71,329 contracts as of April 29. Conversely, commercial traders decreased their net short position by 18,426 contracts, bringing it down to 339,720 contracts.
Current Corn Prices
May 25 Corn is priced at $4.48, down 13 1/4 cents.
Nearby Cash is at $4.25 3/4, down 13 3/4 cents.
Jul 25 Corn is priced at $4.55 1/2, down 13 1/2 cents.
Dec 25 Corn is currently at $4.43 1/4, down 7 cents.
New Crop Cash stands at $4.02 3/4, down 7 1/2 cents.
On the date of publication, Austin Schroeder did not hold (either directly or indirectly) any positions in the securities mentioned in this article. All information and data presented are for informational purposes only. For more information, please view the Barchart Disclosure Policy.
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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
