Corn Futures Show Modest Gains Amid Weekly Export Trends

Corn futures are experiencing slight gains, up by 2 cents as of midday Monday. The CmdtyView national average Cash Corn price has also risen 2 cents, now sitting at $4.34.

Export Inspections and Shipments

In the latest Weekly Export Inspections report, corn shipments were recorded at 1.583 MMT (62.3 mbu) for the week ending April 3. This figure reflects a decrease of 3.89% from the previous week, yet it is 8.04% higher compared to the same week last year. Notably, Mexico emerged as the top destination, receiving 480,801 MT, followed by Japan with 383,994 MT, South Korea with 194,246 MT, and Colombia with 162,845 MT. Over the marketing year, corn shipments have now totaled 35.582 MMT (1.4 mbu), marking an impressive increase of 29.95% from the same week last year.

Commodity Futures and Trader Commitments

According to Friday’s Commitment of Traders data, managed money in corn futures and options reduced their net long position by an additional 17,850 contracts during the week of April 1. As of Tuesday, the net long position stood at 56,757 contracts. In contrast, commercial traders increased their long positions, with the net short reducing by 32,261 contracts to 336,744 contracts.

Brazil’s Corn Harvest Progress

As reported by AgRural, Brazil’s first corn crop is now 88% harvested, an improvement over last year’s 78% at this time.

Current Corn Prices

May 25 Corn is priced at $4.62, reflecting an increase of 1 3/4 cents.

Nearby Cash stands at $4.34, up 2 cents.

Jul 25 Corn is trading at $4.68 1/2, a rise of 1 1/4 cents.

Dec 25 Corn is at $4.47 1/4, showing an increase of 1/2 cent.

New Crop Cash is priced at $4.11 3/4, marking a gain of 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 in this article is solely for informational purposes. For more information, please view the Barchart Disclosure Policy
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