Corn futures are up fractionally to 2 cents so far on Monday’s midday. The CmdtyView national average Cash Corn price is up 2 cents at $4.34.
Weekly Export Inspections data tallied corn shipments at 1.583 MMT (62.3 mbu) in the week that ended on April 3. That was down 3.89% from the week prior but 8.04% above the same week last year. Mexico was the largest destination of 480,801 MT, with 383,994 MT headed to Japan, 194,246 MT to South Korea and 162,845 to Colombia. Marketing year corn shipments are now 35.582 MMT (1.4 mbu), an increase of 29.95% from the same week last year.
Friday’s Commitment of Traders data showed managed money in corn futures and options cutting back another 17,850 contracts from their net long position in the week of April 1. The net long was just 56,757 contracts as of Tuesday. Commercials saw longs increasing, with the net short down 32,261 contracts to 336,744 contracts.
Brazil’s first corn crop was pegged at 88% harvested as of Thursday and ahead of the 78% last year according to AgRural.
May 25 Corn is at $4.62, up 1 3/4 cents,
Nearby Cash is at $4.34, up 2 cents,
Jul 25 Corn is at $4.68 1/2, up 1 1/4 cents,
Dec 25 Corn is at $4.47 1/4, up 1/2 cent,
New Crop Cash is at $4.11 3/4, up 1 cent,
