Corn futures are off their overnight lows, with contracts holding onto fractional losses at midday on Monday. The CmdtyView national average Cash Corn price is down ½ cent at $4.16 1/2.
Following elections in Brazil over the weekend, President Lula da Silva was reelected in a surprise that has sent the Brazilian real down over 9% to the dollar this morning. The weaker currency makes their beans cheaper by comparison to the US.
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USDA’s Export Inspections report tallied corn export shipments at just 625,233 MT (24.61 mbu) during the week ending on October 22. That was down 9.68.81% from the week prior and 49.68% below the same week last year. Mexico was the top destination of 351,681 MT, with 264,556 MT headed to Honduras and 55,999 to Colombia. Marketing year exports for 2026/27 are 9.776 MMT (384.9 mbu), which is now 7.67 % below the same period last year.
The Friday Commitment of Traders report Showed managed money and corn futures and options cutting another 84,620 contracts from their net long as of Tuesday. They were net long 146,257 contracts on October 20th, as there was mix of new short interest and longs liquidating.
AgRural estimates the first corn crop at 58% complete as of Thursday, slightly ahead of the 55% pace from last year.
Dec 26 Corn is at $4.55 1/4, down 3/4 cent,
Nearby Cash is at $4.16 1/2, down 1/2 cent,
Mar 27 Corn is at $4.69 1/2, down 3/4 cent,
May 27 Corn is at $4.77 3/4, down 1 1/4 cents,
Dec 27 Corn is at $4.94 3/4, down 1/4 cent,
'27 New Crop Cash is at $4.49 3/4, up 1/4 cent,
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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