Corn prices saw a slight uptick of 1 to 2 cents in the front months on Tuesday morning, following a session where futures settled down 1 to 2 cents. Open interest also increased by 5,170 contracts on Monday, as the roll-out of March contracts continues, down by 30,801 contracts. The CmdtyView national average Cash Corn price was down by 1 1/2 cents, sitting at $3.95 1/4.
In terms of export inspections data, corn shipments totaled 1.308 MMT (51.49 mbu) in the week ending on February 5. This represented an increase of 14.01% from the previous week, although it was down by 4.19% compared to the same week last year. The top destinations for corn shipments included Mexico with 476,628 MT, Japan with 187,063 MT, and Colombia with 135,816 MT. Year-to-date shipments have reached 33.93 MMT (1.336 bbu), marking a significant 46.72% increase year-over-year.
Traders are eagerly awaiting the release of USDA’s WASDE report later in the morning, with expectations that there will be no major changes to the US ending stocks number. The average trade guess for US ending stocks stands at 2.215 bbu according to a Bloomberg survey. Additionally, updates on world numbers are anticipated, with Brazil’s corn production expected to increase by 1.3 MMT to 132.3 MMT.
As for the latest corn futures prices, Mar 26 Corn closed at $4.28 3/4, down 1 1/2 cents but currently showing a 2 cent increase. Nearby Cash was at $3.95 1/4, down by 1 1/2 cents. May 26 Corn closed at $4.37, down 1 3/4 cents, with a current increase of 1 3/4 cents. Jul 26 Corn closed at $4.43 3/4, down 1 1/2 cents, and currently up by 1 1/2 cents.
It is important to note that on the date of publication, Austin Schroeder did not have any positions in the mentioned securities. The information provided in this article is purely for informational purposes. For more details, the original article can be found on Barchart.com.
