Corn prices are pushing to new highs on Monday, as contracts are steady to 4 ½ cents higher across most front months. Spill over support from strength in wheat is helping. 

Weekly Export Inspections data showed corn shipments slipping below the 1 MMT mark for the first time in 13 weeks to 937,729 MT (36.9 mbu) during the week of 5/9. That was a drop of 27.81% from last week and down 20.11% from the same week in 2023. Mexico was the top destination of 318,791 MT, as 206,679 MT was headed to Japan.  Year to date inspections have totaled 33.93 MMT (1.34 bbu), still a 30.26% increase yr/yr.

In the Friday afternoon Commitment of Traders report, CFTC data showed spec funds in corn futures and options slashing 115,527 contracts from their net short position as of May 7th. That took their once large net short position to just 102,513 contracts as of Tuesday, more than 238,000 contracts from their peak back in February. Commercials increased their net short position to 162,635 contracts, with shorts up 106,824 contracts, implying a sharp increase in producer selling.

May 24 Corn is at $4.60, up 4 1/4 cents,

Nearby Cash is at $4.50 5/8, up 3 1/2 cents,

Jul 24 Corn is at $4.73 1/4, up 3 1/2 cents,

Dec 24 Corn is at $4.93, up 1 cent,

New Crop Cash is at $4.58 1/2, up 1 1/2 cents,

On the date of publication, Alan Brugler 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 here.

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