Corn Following Grain Strength, Helped by Large Export Shipment Total
Corn futures are pushing higher to start the week, with contracts up 5 to 7 cents at midday. Spillover support from strength in wheat is helping. Preliminary open interest rose 5,697 contracts on Friday on overall net new buying.
USDA’s Export Inspection report showed a MY high 1.623 MMT of corn shipped during the week that ended on April 18, a 19.95% increase from the week prior. That was 72.93% larger than the same week last year and the largest weekly total since May 2022. Of that total 624,300 MT was headed to Mexico, with 150,868 MT headed to Japan. Sizable totals were also headed to Taiwan (147,537 MT), South Korea (131,461 MT), Columbia (125,174 MT), China, (98,659 MT), Venezuela (94,388 MT). US accumulated shipments have totaled 30.327 MMT during the marketing year, 35.48% above last year.
US planting pace will be updated this afternoon via the Crop Progress report, as the next few days are expected to allow some planting pace to continue across the US. Later this week into the weekend are expected to see widespread precip across much of US growing region.
Commitment of Traders data showed spec funds in corn futures and options adding another 16,016 contracts to their net short position at 279,570 contracts as of April 16.
May 24 Corn is at $4.38 3/4, up 5 1/4 cents,
Nearby Cash is at $4.23 1/1, up 5 3/8 cents,
Jul 24 Corn is at $4.49 1/4, up 6 1/4 cents,
Dec 24 Corn is at $4.72, up 5 3/4 cents,
New Crop Cash is at $4.35 1/2, up 5 7/8 cents,
On the date of publication, Alan Brugler 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.