The corn market is posting midday gains of 1 to 2 ½ cents across the front months on Monday’s midday. There were another 43 deliveries issued against Dec corn futures on Friday evening. The national average Cash Corn price from cmdtyView is up 2 1/2 cents at $4.15 1/2.
The weekly Export Inspections report from the USDA showed 1.13 MMT (44.48 mbu) in shipments during the week that ended on December 12. That was a 17.7% increase from the same week last year and 6.79% above the previous week. The largest destination was Mexico at 377,397 MT, with 206,019 MT to Japan, 136,897 MT to Spain, and 124,780 MT shipped to Columbia. That took the marketing year shipments to 13.3 MMT (523.63 mbu), up 31% from last year.
Friday afternoon Commitment of Traders data showed spec funds in corn futures and options adding 77,670 contracts to their net long position as of Tuesday’s close. That net position was 165,890 contracts on December 10, the largest in 22 months. Commercials added 82,715 contracts to their net short, now at 386,100 contracts by Tuesday.
Mar 25 Corn is at $4.44 1/4, up 2 1/4 cents,
Nearby Cash is at $4.15 1/2, up 2 1/2 cents,
May 25 Corn is at $4.51 1/4, up 2 cents,
Jul 25 Corn is at $4.54 1/4, up 1 1/4 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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