Corn futures are trading slightly higher on Monday, with contracts up to 2 cents. The CmdtyView national average cash corn price rose 2 ¼ cents to $3.83 ¼. Crude oil fell $4.27 at midday, easing early pressure after the United States and Iran reached a peace agreement over the weekend.
The weekly Export Inspections report recorded corn shipments of 1.636 MMT (64.43 mbu) for the week of 6/11, down 18.73 % from the previous week and 3.47 % below the same period last year. Mexico was the top destination with 440,116 MT, followed by Japan (225,898 MT) and Taiwan (153,375 MT). Year‑to‑date shipments now total 65.614 MMT (2.583 bbu), 26.01 % above the comparable period last year. Sorghum shipments reached 313,616 MT, with 313,002 MT destined for China.
NOAA’s 7‑day QPF forecasts precipitation of 1.5–4 inches from Missouri to Ohio, with 1–2 inches expected in parts of Iowa and Wisconsin.
The weekly CFTC Commitment of Traders report documented the largest two‑week shift to the short side in managed‑money corn futures and options since the report’s inception in 2006, amounting to 210,829 contracts. As of 6/9, 120,407 contracts remained, leaving speculators net short 5,325 contracts. Of the shift, 92,863 contracts were new shorts, while longs saw 27,544 contracts liquidated.
Brazil’s AgRural estimates that 8.4 % of the country’s second corn crop has been harvested in the center‑south region, outpacing the 5.2 % harvest rate recorded last year.
July 26 Corn is $4.14 ¾, up 2 cents.
Nearby Cash is $3.83 ¼, up 2 ¼ cents.
September 26 Corn is $4.22, up 1 ¼ cents.
December 26 Corn is $4.41, up ¾ cent.
New Crop Cash is $3.96, up 1 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 are solely for informational purposes.
The views and opinions expressed herein are the author’s and do not necessarily reflect those of Nasdaq, Inc.