As of Monday, corn futures are climbing, with contracts increasing by 4 to 5 cents, and the CmdtyView national average Cash Corn price rising to $4.12 1/2, up 4 cents. Key USDA forecasts indicate minimal precipitation expected across a large area from the Dakotas to Kansas, and much of the Midwest, potentially impacting crop yields.
The latest Export Inspections report shows corn shipments totaling 1.54 million metric tons (MMT) for the week ending July 9, marking an 11.26% decrease from the previous week but 17.15% higher year-over-year. Mexico was the leading destination, receiving 400,015 MT, followed by Japan with 300,620 MT and Vietnam at 204,633 MT. Cumulative shipments for the marketing year have reached 72.21 MMT (2.843 billion bushels), up 24.85% compared to the same period last year.
CFTC data released Friday shows managed money shifted to a net long position in corn futures and options for the week of July 7, increasing by 58,868 contracts to a net long of 12,659 contracts.
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