Corn futures are starting the week off with a fresh start, with midday Monday gains of 1 to 2 cents. The CmdtyView national average Cash Corn price is up 2 cents at $3.85 1/2.
USDA reported a private export sale of 103,000 MT to Japan, with 40,000 MT for old crop and 63,000 MT for new crop.
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Monday morning’s Export Inspections report showed corn shipments of 1.911 MMT (75.34 mbu) in the week of 6/4. That was up 9.21% from the week prior and 10.54% above the same week last year. Mexico was the largest destination of 497,128 MT, with 270,044 MT shipped to South Korea and 238,319 MT to Spain. The marketing year total is now 63.875 MMT (2.514 bbu) of corn shipped, which is 26.80% above the same period last year.
CFTC’s Commitment of Traders report showed managed money at a net long of 115,082 contracts on Tuesday, June 2 (20 cents ago). That was a reduction of 90,422 contracts on that week. Much of that was via longs exiting (-63,160), with shorts coming in moderation (+27,262 contracts)
Brazil’s second crop corn harvest is estimated at 4.4% complete according to AgRural, with their second crop estimate at 108.2 MMT, a 0.9 MMT drop from their previous number.
Jul 26 Corn is at $4.19 1/2, up 2 cents,
Nearby Cash is at $3.85 1/2, up 2 cents,
Sep 26 Corn is at $4.28 1/2, up 1 1/2 cents,
Dec 26 Corn is at $4.47 1/2, up 1 1/2 cents,
New Crop Cash is at $4.01 1/2, up 1 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.