The corn market has pulled off the early Monday weakness, with midday losses limited to fractionally to 2 cents in the nearbys. December is down 4 ¼ cents. The nearby CmdtyView national average Cash Corn price was down 1 1/4 cents at $4.51 1/2.
Weekly Export Inspections data tallied corn shipments at 1.654MMT (65.14 mbu) in the week that ended on April 24. That was down 4.16% from the week prior but 27.44% above the same week last year. Mexico was the largest destination of 533,791 MT, with 376,788 MT headed to Japan, and just 211,129 MT to Colombia. Marketing year corn shipments are now 40.90 MMT (1.609 bbu), an increase of 28.98% from the same week last year.
Crop Progress data will be released this afternoon, with traders looking for the US corn crop to be 25% planted as of 4/27. Last year was at 27% for the same date.
CFTC Commitment of Traders data showed spec funds pulling back from their net long position by 11,768 contracts in the week ending on April 22. They took that net long to 112,805 contracts by Tuesday.
May 25 Corn is at $4.77 1/2, down 1 1/4 cents,
Nearby Cash is at $4.51 1/2, down 1 1/4 cents,
Jul 25 Corn is at $4.84 3/4, down 3/4 cent,
Dec 25 Corn is at $4.51 1/2, down 4 1/4 cents,
New Crop Cash is at $4.15 1/1, down 3 1/2 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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