Corn futures are heading higher to start the new week, with contracts rallying 8 to 8 ½ cents across the front months at midday. 

USDA’s Export Inspections report pegged 1.21 MMT of corn shipped during the week that ended on May 16. That was a 20.5% increase over last week but was down 8.9% from last year. Mexico was the top destination of 421,472 MT, with 273,852 MT headed to China and 211,653 MT on its way to Japan. Year to date inspections have totaled 35.211 MMT, a 28.6% increase from the same period last year.

Weather over the next 5 days will be quite wet for much of the Corn Belt, slow any planting that is remaining. The trade will be closely watching the Crop Progress report to see how much planting progress was made as of Sunday. Trade ideas are in the 57-60% range. 

The Friday afternoon Commitment of Traders report showed spec funds in corn futures and options trimming another 31,342 contracts from their net short position in the week that ended on May 14. They held a net short of just 71,171 contracts on Tuesday, the smallest since last August. The total number of spec longs grew to 218,607 contracts, the largest in 13 months. Commercials were adding shorts in that week with the net short position up 17,982 contracts to 180,617 as of Tuesday. 

Jul 24 Corn is at $4.61, up 8 1/2 cents,

Nearby Cash is at $4.37 3/4, up 8 3/8 cents,

Sep 24 Corn is at $4.71, up 8 1/2 cents,

Dec 24 Corn is at $4.84 3/4, up 8 1/4 cents,

New Crop Cash is at $4.47 5/8, up 8 3/8 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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.