Corn futures are showing 1 to 2 ¾ cent gains across most contracts on Monday. Preliminary open interest on Friday was up 20,781 contracts. The national average Cash Corn price from cmdtyView is up 1 1/4 cents at $4.14 1/2.
Weekly Export Inspections data from USDA indicated 1.05 MMT (41.3 mbu) of corn shipped in the week that ended on December 5. That was a jump of 10.63% from last year and 44.72% above the same week in 2024. Of that total, Mexico was the destination of 345,445 MT, with 268,790 MT to Japan and 130,676 MT to South Korea. Inspections since September 1 have totaled 12.133 MMT (477.65 mbu), which is up 31.97% from the same time last year and a 6-year high.
The USDA will release their monthly WASDE report on Tuesday, with a Reuters survey of analysts showing an expected cut to carryout by 32 mbu to 1.906 bbu. The range of estimates are from 1.863 to 1.938 bbu.
Commitment of Traders data showed spec funds in corn futures and options trimming their net long by another 9,222 contracts as of 12/3. They held a net long of 88,220 contracts on Tuesday. Commercials increased their net short by 4,322 contracts to 303,385 contracts in that week.
Dec 24 Corn is at $4.33 1/2, up 2 3/4 cents,
Nearby Cash is at $4.14 1/2, up 1 1/4 cents,
Mar 25 Corn is at $4.41 1/4, up 1 1/4 cents,
May 25 Corn is at $4.47, up 1 3/4 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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