Corn futures are trading with 3 to 4 cent losses so far on Monday, as the market is feeling a risk off mode with $4/barrel losses in crude oil. The national average Cash Corn price from cmdtyView is down 3 cents at $3.80 1/2 per bu.
USDA reported private export sales of 124,000 MT of corn to Japan, with an additional 120,000 MT sold to unknown destinations.
USDA’s Export Inspections report showed a total of 823,664 MT (32.43 mbu) of corn shipped in the week of October 24, which was down 17.73% from last week but 52.31% above the same week last year. Mexico was the top destination of 386,252 MT, with 235,441 MT headed to Columbia. Year to date exports are now 6.62 MMT (260.62 mbu), which is 33% above the same point last year.
Friday’s CFTC commitments of Traders report showed managed money in corn futures and options trimming 15,489 contracts from their net short as of October 22. That took the net position to -71,499 contracts. Commercials added 22,541 contracts to their net short position at -155,577 contracts as of Tuesday.
AgRural estimates the Brazilian first corn crop has been 52% planted as of last Thursday.
Dec 24 Corn is at $4.12 1/4, down 3 cents,
Nearby Cash is at $3.80 1/2, down 3 cents,
Mar 25 Corn is at $4.25 3/4, down 3 3/4 cents,
May 25 Corn is at $4.34 1/4, down 3 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. For more information please view the Barchart Disclosure Policy here.
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