Corn futures are showing fractional to 1 cent gains so far on the Monday session. That is reversing the sharply lower overnight trade.
This morning’s Export Inspections report showed 1.213 MMT (47.77 mbu) of corn shipped during the week that ended on August 1. That was more than triple the same week of last year and a 13.37% improvement from the previous week. Japan led all destinations with 520,940 MT in shipments, with 262,587 MT headed to Mexico. Total marketing year exports have totaled 47.88 MMT (1.885 bbu) as we head into the last month of the MY, a 35.97% increase from last year.
A Bloomberg survey of estimates shows condition ratings expected to be down 1% to 67% gd/ex in this afternoon’s Crop Progress report.
Friday’s CFTC release from USDA showed spec funds cutting back on their large net short position in corn futures and options by 23,453 contracts as of July 30. They held a net short of 295,096 contracts on Tuesday.
Sep 24 Corn is at $3.87 1/4, up 3/4 cent,
Nearby Cash is at $3.77 7/8, up 3/4 cent,
Dec 24 Corn is at $4.04 1/4, up 1 cent,
Mar 25 Corn is at $4.21 1/2, up 3/4 cent,
New Crop Cash is at $3.68, up 3/4 cent,
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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