Corn Market Recovers Slightly Amid Mixed Export Data

The corn market has rebounded from early Monday’s weakness, with midday losses restrained to just 2 cents in nearby contracts. December corn is down 4 ¼ cents. According to CmdtyView, the national average cash corn price has decreased by 1 1/4 cents, now sitting at $4.51 1/2.

Export Shipments Show Mixed Results

Weekly Export Inspections data indicate that corn shipments reached 1.654 million metric tons (MMT), or 65.14 million bushels (mbu), during the week ending April 24. This figure marks a decrease of 4.16% from the previous week but shows a 27.44% increase compared to the same week last year. Notably, Mexico was the primary destination with 533,791 MT, followed by Japan at 376,788 MT, and Colombia at 211,129 MT. Year-to-date corn shipments now total 40.90 MMT (1.609 billion bushels), reflecting a 28.98% rise compared to last year.

Crop Progress and Speculative Position Updates

Crop Progress data, expected later today, should provide insight into the U.S. corn crop status, with traders anticipating that 25% of the corn has been planted as of April 27—a slight decrease from the 27% recorded last year.

The latest CFTC Commitment of Traders report reveals that speculative funds reduced their net long positions by 11,768 contracts in the week ending April 22. Their net long position now stands at 112,805 contracts as of Tuesday.

Current Corn Prices

May 25 Corn is priced at $4.77 1/2, a decrease of 1 1/4 cents.

Nearby Cash is at $4.51 1/2, down 1 1/4 cents.

Jul 25 Corn is at $4.84 3/4, lower by 3/4 cent.

Dec 25 Corn is trading at $4.51 1/2, down 4 1/4 cents.

New Crop Cash is recorded at $4.15 1/1, decreasing by 3 1/2 cents.

On the date of publication, Austin Schroeder did not hold (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data are intended solely for informational purposes. For more details, please view the Barchart Disclosure Policy
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The views and opinions expressed herein are solely those of the author and do not necessarily reflect those of Nasdaq, Inc.