Corn futures closed out the Monday session with contracts 2 ¾ to 7 cents higher across the board, as a weaker dollar provided some support. The national average Cash Corn price from cmdtyView was up 6 1/4 cents at $4.28 1/2.
Commitment of Traders data from CFTC showed specs adding 67,859 contracts to their net long position as of 12/31. That took them to a net long of 228,806 contracts, the largest net long since February 2023.
USDA’s weekly Export Inspections report showed a total of 847,463 MT (33.36 mbu) of corn shipped in the week that ended on January 2. That was a drop of 6.62% from last week and down 22.42% from the same week last year. Mexico was the top destination of 273,873 MT, with 139,576 MT shipped to Columbia, and 133,237 MT to Japan. Marketing year to date shipments are now 16.236 MMT (639.2 mbu), which is still 24.49% above the same period in the 2023/24 MY.
Brazil’s trade ministry reported December corn exports at 4.266 MMT, which was down 29.64% from December 2023.
Mar 25 Corn closed at $4.57 3/4, up 7 cents,
Nearby Cash was $4.28 1/2, up 6 1/4 cents,
May 25 Corn closed at $4.65 1/4, up 7 cents,
Jul 25 Corn closed at $4.68, up 6 3/4 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.
/Facebook%20headquarters%20sign%20by%20Greg%20Bulla%20via%20Unsplash.jpg)
/Super%20Micro%20Computer%20Inc%20logo%20on%20phone%20and%20stock%20data-by%20Poetra_RH%20via%20Shutterstock.jpg)
