Corn futures are experiencing losses of 11 to 12 ¼ cents as of Monday midday, impacted by a decline in beans and crude oil prices. The CmdtyView national average cash corn price decreased by 12 cents to $4.11 1/2. Monday’s export inspections reported 1.658 million metric tons (MMT) of corn shipped in the week ending March 12, marking a 1.98% decline from the previous week but an 8.95% increase compared to the same period last year.
As of the week ending March 10, the total number of contracts added to the spec fund’s net long position rose to 193,271, the largest increase since May 2019. Meanwhile, Brazilian first corn crop harvesting is lagging, with only 50% completed by Thursday, compared to 72% last year. The second corn crop is currently 91% planted, down from 97% last year.
