Corn futures are down 3 to 6 cents so far on Monday. The CmdtyView national average Cash Corn price is down 5 3/4 cents to $4.18.
Early on Monday morning, President Trump put out a Truth Social post ordering the military to postpone strikes against Iranian power plants and energy infrastructure for 5 days after weekend tales were “good and productive.” Iran state media responded stating there was no direct or indirect contact with the President. Oil is down $9.03 at midday.
USDA reported a private export sale of 102,000 MT of corn sold to Mexico this morning.
Export Inspections data showed corn at 1.7 MMT (66.9 mbu) shipped in the week that ended on March 19. That was up 1.79% from last week, and 9.83% above the same week last year. Mexico was the top destination of 483,855 MT, with 327,512 MT to Japan and 180,375 MT to Colombia. Marketing year shipments have totaled 44.58 MMT (1.755 bbu), which is up 37.8% yr/yr. China was the sole destination for 182,179 MT of sorghum.
The Friday update to the CFTC Commitment of Traders report showed a total of 35,533 contracts added to the managed money net long position in corn futures and options as of Tuesday. That took the net long to 228,804 contracts, as shorts dropped to their lowest level since last March. Commercials added 44,702 contracts to their net short of 522,116 contracts as producer selling continues to pick up.
Brazil’s AgRural estimates the Brazilian second corn crop at 97% planted as of last Thursday, as last year was already completed by this point.
May 26 Corn is at $4.59 3/4, down 5 3/4 cents,
Nearby Cash is at $4.18, down 5 3/4 cents,
Jul 26 Corn is at $4.70 3/4, down 5 1/4 cents,
Dec 26 Corn is at $4.87, down 3 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. This article was originally published on Barchart.com
