Corn Falling Out of Bed to Kick Off the Week
The corn market is trading with 5 to 9 cent losses on Monday as longs are taking a break as we near the end of the month. CmdtyView’s national average Cash Corn price is down 8 ¾ cents at $4.50 3/4.
Export Inspections data showed a total of 1.134 MMT (44.66 mbu) of corn shipped during the week of February 20. That was a decline of 30.11% from last week and 11.99% below the same week last year. Mexico was the largest destination of 315,386 MT, with 264,006 MT to Columbia, and 191,190 MT to Japan. Marketing year exports were 24.874 MMT (1.019 bbu) since September 1, which is 32.34% above the same period last year.
Commitment of Traders data from CFTC showed spec funds in corn futures and options adding 21,144 contracts to their net long in the week ending on February 18. That took their position to 353,533 contracts. Commercials added another 22,352 contracts to their net short, at 638,930 contracts.
USDA will release their initial outlook for the 2025 corn crop in their February Outlook Forum this week. Analysts surveyed by Bloomberg estimate USDA to show 93.5 million planted corn acres, with all expecting an increase from last year’s 90.6 million acres (92-95.1 million acres).
Brazil’s AgRural estimates the country’s second corn crop was 64% planted by last Thursday closing in on the 5-year average pace.
Mar 25 Corn is at $4.82 1/4, down 9 cents,
Nearby Cash is at $4.50 3/4, down 8 3/4 cents,
May 25 Corn is at $4.96 1/2, down 8 1/2 cents,
Dec 25 Corn is at $4.69 1/4, down 5 3/4 cents,
New Crop Cash is at $4.37 1/4, down 6 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.