Corn Futures Rise Amid Positive Export Data and Crop Progress

Corn futures are trading higher at midday on Monday, with front months showing slight gains and new crop up by 3 to 4 cents. The front month CmdtyView national average Cash Corn price has increased by ¾ cent to $4.16 ¼.

Weekly Export Inspections Show Strong Shipments

Data from the Weekly Export Inspections reported corn shipments at 1.719 million metric tons (MMT), equivalent to 67.68 million bushels (mbu), for the week ending May 15. This figure marks a 32.22% rise from the previous week and is 39.06% higher compared to the same week last year. Mexico emerged as the largest destination, receiving 566,535 metric tons, followed by Japan at 269,983 metric tons. Other significant recipients included Taiwan (144,804 MT), Colombia (144,800 MT), and South Korea (140,142 MT). Cumulatively, marketing year shipments now total 45.543 MMT (1.793 billion bushels), reflecting a 29.21% increase from the same period last year.

Upcoming Crop Progress Expectations

Crop Progress data is anticipated to report that 78% of the U.S. corn crop is planted, based on an average from analysts surveyed by Bloomberg, with estimates ranging from 73% to 87%.

Shift in Managed Money Positions

The Commitment of Traders report released on Friday by the CFTC revealed that managed money spec funds shifted from a net long position to a new net short position of 84,976 contracts. This represents a significant bear move of 98,869 contracts during the week ending May 13.

Current Corn Market Prices

Jul 25 Corn is priced at $4.44, up ½ cent.

Nearby Cash is at $4.16 ¼, an increase of ¾ cent.

Sep 25 Corn is at $4.25 ¼, up 3 ¾ cents.

Dec 25 Corn is at $4.38 ½, up 3 cents.

New Crop Cash is at $3.96 ½, up 3 ½ 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.

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