Corn futures saw a slight uptick in trading on Monday, with contracts ranging from fractionally to 2 cents higher. The CmdtyView national average Cash Corn price also rose by 2 1/4 cents to $3.83 1/4. However, the market faced early pressure as crude oil prices dropped $4.27 following a peace deal between the US and Iran over the weekend.
In terms of exports, the weekly Export Inspections report revealed that corn shipments totaled 1.636 MMT (64.43 mbu) in the week of 6/11. This marked a decrease of 18.73% from the previous week and 3.47% lower than the same week last year. Mexico was the top destination with 440,116 MT, followed by Japan with 225,898 MT and Taiwan with 153,375 MT. Year-to-date shipments have reached 65.614 MMT (2.583 bbu), a significant 26.01% increase from last year. Additionally, sorghum shipments totaled 313,616 MT, with the majority headed to China.
The latest data from the CFTC Commitment of Traders report highlighted a historic shift towards the short side in corn futures and options. Managed money saw a two-week shift of 210,829 contracts, with specs now net short 5,325 contracts. This shift was driven by 92,863 new short contracts, while longs only saw 27,544 contracts of liquidation.
Brazil’s AgRural reported that the country’s second corn crop is 8.4% harvested in the center-south region, ahead of last year’s pace of 5.2%. This news could impact global corn prices in the coming weeks.
As for current prices, Jul 26 Corn is at $4.14 3/4, up 2 cents, Nearby Cash is at $3.83 1/4, up 2 1/4 cents, Sep 26 Corn is at $4.22, up 1 1/4 cents, Dec 26 Corn is at $4.41, up 3/4 cent, and New Crop Cash is at $3.96, up 1 cent.
Overall, despite early weakness in the market, corn futures managed to gain momentum during midday trading. For more updates and analysis on the corn market, visit Barchart.com. Please note that all information in this article is for informational purposes only and the author, Austin Schroeder, does not hold any positions in the mentioned securities.
