Corn Slipping Lower on Monday

Corn futures are showing 1 to 2 cent losses across the front months on Monday, with December down 3 cents. The CmdtyView national average Cash Corn price is down 1 3/4 cents at $3.98 1/2. 

Export Inspections data showed corn at 1.453 MT (57.2 mbu) shipped in the week that ended on December 4. That was a drop of 10.89% from the week prior but up 36% from same week last year. Mexico was the top destination of 520,691 MT, with 310,828 MT to Japan and 81,209 MT to Taiwan. Marketing year shipments have totaled 20.63 MMT (812.2 mbu), a 69.36% increase yr/yr.

USDA’s catchup report for Export Sales data this morning showed just 979,525 MT of corn sold in the week ending on November 6. That fell shy of traders looking for 1-2 MMT of corn bookings and was a marketing year low.

Commitment of Traders data from Friday afternoon showed managed money slashing 71,479 contracts from their net short position as of October 28. That took the position to 89,506 contracts. Commercials were trimming longs and adding shorts, increasing their net short by 77,722 contracts to 128,585 contracts

The monthly WASDE report will be out on Tuesday, with analysts surveyed by Bloomberg looking for 2.145 bbu of US corn ending stocks, a 9 mbu drop from the November report if realized. 

Brazil’s AgRural estimates the Brazilian corn crop at 135.3 MMT for 2025/26, a 5.8 MMT drop from the year prior.

Dec 25 Corn is at $4.33 3/4, down 3 cents,

Nearby Cash is at $3.98 1/2, down 1 3/4 cents,

Mar 26 Corn is at $4.43 1/2, down 1 1/4 cents,

May 26 Corn is at $4.51 1/4, down 1 cent,