Corn Losses Leaking into Monday
Corn futures are trading with 2 to 3 cent losses so far on Monday. Preliminary open interest on Friday was down 10,784 contracts. The CmdtyView national average Cash Corn price was down 2 3/4 cents at $3.70 3/4.
Export Inspections data showed 1.208 MMT (47.54 mbu) of corn shipped in the week that ended on July 31, which was up down 21.18% from the week prior and 5.08% below the same week last year. Mexico was the top destination of 572,682 MT, with 182,950 MT to Colombia and 147,823 MT to Japan. Marketing year shipments have totaled 61.56 MMT (2.423 bbu) since September 1, 28.36% larger yr/yr.
Grain Crushing data showed 447.97 mbu of corn used for ethanol during June, which was up 0.8% from last month and 0.41% larger than June 2024.
CFTC data indicated a total of 3,820 contracts of futures and options were added to the spec fund net short in corn as of Tuesday, taking it to 181,185 contracts by July 29.
StoneX estimates the Brazilian corn second crop at 111.7 MMT, which is up 3.5 MMT from their previous estimate.
Sep 25 Corn is at $3.87 1/2, down 2 cents,
Dec 25 Corn is at $4.08, down 2 3/4 cents,
Mar 26 Corn is at $4.25 1/2, down 2 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.