Corn Market Shows Solid Gains: Prices Surge as Exports Climb
The corn market is experiencing robust activity this Tuesday, with contracts displaying increases of 4 to 7 cents. The nearby March contract successfully breached the $5 mark, closing at $5.02 1/2. The CmdtyView national average Cash Corn price also rose, gaining 6 1/2 cents to reach $4.69 on Friday.
USDA Reports Strong Export Performance
The USDA’s weekly Export Inspections report revealed that a significant volume of corn, totaling 1.611 MMT (63.44 mbu), was shipped during the week ending February 13. This figure marks a 53.15% increase compared to the same week last year, and it is 18.91% higher than the previous week. Mexico emerged as the primary destination, importing 671,925 MT, followed by Japan with 254,389 MT, Vietnam with 207,775 MT, and South Korea with 207,160 MT. Cumulatively, this brings the marketing year total to 24.73 MMT (973.5 mbu), up 35.4% from the same week in 2024.
Traders Adjust Positions Ahead of Market Movements
According to the CFTC’s Commitment of Traders report, managed money has reduced their net long position in corn futures and options, cutting 31,828 contracts as of Tuesday. Their net position now stands at 332,389 contracts.
Updates from Brazil and Taiwan
In Brazil, AgRural indicates that the initial corn crop is now 29% harvested, while the second corn crop is 36% planted as of last Thursday. Additionally, a Taiwan importer has issued a tender to acquire 65,000 MT of corn, with a deadline set for Wednesday.
Current Market Prices
Mar 25 Corn is at $5.02 1/2, up 6 1/4 cents.
Nearby Cash is at $4.69, up 6 1/2 cents.
May 25 Corn is at $5.16, up 7 1/4 cents.
Dec 25 Corn is at $4.77 1/2, up 4 1/2 cents.
New Crop Cash is at $4.46 1/2, up 4 3/4 cents.
On the date of publication, Austin Schroeder 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.
More news from Barchart
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
