Corn futures are trading with contracts fractionally to 2 ¼ cents higher across the front months. The national average Cash Corn price from cmdtyView is up 2 1/2 cents at $3.87 1/4 per bu.
USDA reported a couple private export sales of 150,000 MT to Mexico and 120,000 MT of corn to unknown destinations, both for 2024/25.
Export Inspections data showed 779,078 MT (30.67 mbu) of corn shipped in the week that ended on October 31. That was down 7.3% from last week but up 35.6% from the same week last year. A total of 521,067 MT was headed to Mexico, with 83,013 MT shipped to Japan. Marketing year to date shipments have totaled 7.423 MMT (292.24 mbu), which is 33.7% above the same period last year.
The monthly Grain Crushing report from NASS was released on Friday afternoon, showing 440.16 mbu of corn used for ethanol production during September. That was up 2.74% from last year and a 6-year high but down 8.2% from August.
CFTC data from Friday afternoon showed spec funds in corn futures and options cutting 53,796 contracts from their net short position as of October 29. That took the net position to just -17,703 contracts, which is the smallest since August 2023. Commercials were busy adding 62,578 contracts to their net short, at 218,155 contracts by Tuesday. Much of that was additional shorts (798,161 contracts), now at the largest total in over 18 months.
Dec 24 Corn is at $4.16 3/4, up 2 1/4 cents,
Nearby Cash is at $3.87 1/4, up 2 1/2 cents,
Mar 25 Corn is at $4.30 1/4, up 1 cent,
May 25 Corn is at $4.37 1/2, up 1/4 cent,
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.
/A%20concept%20image%20of%20space_%20Image%20by%20Canities%20via%20Shutterstock_.jpg)
/A%20concept%20image%20of%20a%20flying%20car_%20Image%20by%20Phonlamai%20Photo%20via%20Shutterstock_.jpg)
