Corn Holding onto Gains on Monday

The corn market is trading with 3 to 4 cent gains so far on Monday, to kick off a new week of trade. The national average Cash Corn price from cmdtyView was back up 4 cents at $4.57 3/4. 

USDA reported a private export sale of 365,000 MT of corn to Mexico for 2024/25 shipment this morning.

Export Inspections data showed a total of 1.334 MMT (52.52 mbu) in corn shipments during the week that ended on February 6. That was a 6.48% increase from the week prior and 49.5% larger than the same week in 2024. Mexico was the top destination of 342,641 MT, with Japan in for 231,204 MT and 188,354 MT headed to South Korea. Marketing year to date exports have totaled 23.088 MMT (909 mbu), which is up 34.15% from the same period last year. 

Ahead of Tuesday’s USDA report, traders surveyed by Reuters are looking for the WASDE to show a 14 mbu cut to US ending stocks at 1.524 bbu. Estimates for Brazil production are expected to be down 0.26 MMT to 126.74 MMT, with Argentina estimates down 1.5 MMT to 49.5 MMT. World stocks are seen down 0.82 MMT to 292.52 MMT. 

Commitment of Traders data from CFTC Friday afternoon showed a total of 13,496 contracts added to the large managed money spec fund net long as of 2/4. That net position stood at 364,217 contracts, as the number of outright longs was a record 447,897 contracts. 

Brazil corn exports during January totaled 3.594 MMT, which was a 4-year low for the month. That was down 25.2% from last year and 15.75% below the previous month. AgRural pegs the Brazilian first corn crop at 18% harvested as of last Thursday, with the second crop 20% planted.

Mar 25 Corn is at $4.91 1/2, up 4 cents,

Nearby Cash is at $4.57 3/4, up 4 cents,

May 25 Corn is at $5.04 1/4, up 3 3/4 cents,

Dec 25 Corn is at $4.69 3/4, up 3 3/4 cents,

New Crop Cash is at $4.38 3/4, up 4 1/4 cents,