Corn price action is down 1 to 2 ½ cents on Monday morning. Futures posted 5 to 6 ½ cent gains across most contracts on Friday, as the late week strength took the weekly gain to 5 ¾ cents. Preliminary open interest was up 18,732 contracts on Friday, showing new buying interest. The CmdtyView national averageCash Corn price was up 6 3/4 cents at $3.93 1/2.
USDA’s Export Sales report from Friday morning showed international buyers taking advantage of the previous week’s price break. Corn bookings were the largest since March 2021 at 4.01 MMT in the week of January 15. Excluding China purchases and bunched week sales from previous government shutdowns, that was the largest week of sales since 1991. Sales were more than double the same week last year. The largest buyer was unknown destinations at 1.242 MMT, with 836,700 MT to Japan, 751,500 MT to South Korea, and 422,600 MT to Mexico. Sorghum sales totaled 526,800 MT.
Managed money trimmed their net short position in corn futures and options by just 450 contracts in the week that ended on January 20. That net short was 81,324 contracts according to Commitment of Traders data on Friday.
AgRural estimates the first corn crop in the center south regions of Brazil at 5% harvested, ahead of the 2.2% pace last year. The second crop is pegged at 4.7% planted as of last Thursday, behind the 8.6% early pace in 2024/25. They raised their estimate for the country’s corn crop by 0.6 MMT to 136.6 MMT.
Mar 26 Corn closed at $4.30 1/2, up 6 1/2 cents, currently down 2 ½ cents
Nearby Cash was $3.93 1/2, up 6 3/4 cents,
May 26 Corn closed at $4.38, up 5 3/4 cents, currently down 2 cents
Jul 26 Corn closed at $4.43 3/4, up 5 1/4 cents, currently down 2 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. This article was originally published on Barchart.com
