Corn futures are trying to hold steady on Tuesday, with contracts steady to a penny lower in the nearbys, and deferreds fractionally higher. The CmdtyView national average Cash Corn price was down a penny at $3.86.
Export Inspections data showed corn shipments at 1.484 MMT (58.4 mbu) shipped in the week that ended on January 15. That was down 1.35% from the week prior, and 3.81% below the same week last year. Mexico was the top destination of 401,809 MT, with 252,324 MT to Colombia and 243,588 MT to Japan. Marketing year shipments have totaled 29.92 MMT (1.178 bbu), which is up 55.46% yr/yr.
CFTC data showed managed money in corn futures and options adding 65,348 contracts to their net short position in corn futures and options as of January 13. That took their net short to 81,774 contracts. Much of that was vis new short interest, at the largest since October, with longs going to their smallest since November.
AgRural estimates the first Brazilian corn crop at 1.6% harvested as of last Thursday, with the second corn crop pegged at 1.1% planted. ANEC estimates the Brazilian corn export total for January at 3.45 MMT, a 0.18 MMT increase from last week.
Mar 26 Corn is at $4.24, down 3/4 cent,
Nearby Cash is at $3.86, down 1 cent,
May 26 Corn is at $4.31 3/4, down 1/4 cent,
Jul 26 Corn is at $4.38 1/4, 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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