Corn futures are showing midday gains of 7 to 9 cents across most nearby contracts on Monday.
Condition ratings expected out this afternoon via the Crop Progress report is estimated to be steady. The 7 day QPF forecast calls for rains over widespread rains from Mexico to Virginia, with up to 5” accumulations. The Corn Belt has high humidity that will feed a lot of pop up showers, but accumulations for the week are projected to be mostly in the 0.1 to 0.25” range, with daytime highs rising into the 90’s by the end of the week.
USDA reported a private export sale of 133,000 MT of 2024/25 corn to Mexico this morning.
Export Inspections data from Monday morning showed 970,539 MT (38.2 mbu) in corn shipments throughout the week that ended on July 18. That was nearly triple the same week last year, but down 11.14% from the previous week. The largest destination was again Mexico, with 334,758 MT in shipments, as another 275,872 MT headed to South Korea. Accumulated exports for the marketing year have totaled 45.58 MMT, (1.794 bbu), which is a 32.93% increase from the previous MY.
Friday afternoon’s Commitment of Traders report did show the managed money spec funds cutting back their record large net short position in corn, ever so slightly. They reduced it by 10,587 contracts in the week ending July 16, leaving them net short 343,936 contracts.
Sep 24 Corn is at $3.98 1/4, up 7 3/4 cents,
Nearby Cash is at $3.91 3/8, up 8 cents,
Dec 24 Corn is at $4.13 1/4, up 8 1/2 cents,
Mar 25 Corn is at $4.27 1/2, up 9 cents,
New Crop Cash is at $3.76 3/4, up 8 1/4 cents,
On the date of publication, Alan Brugler 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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