Corn futures are facing Tuesday pressure at midday, with contracts down 3 to 5 ¼ cents. The CmdtyView national average Cash Corn price is down 5 ¼ cents to $4.18 1/4.
Export Inspections data showed 1.582 MT (62.27 mbu) of corn shipped in the week that ended on May 21. That was up 11.43% from last week and 13.01% higher than the same week last year. Mexico was the top destination of 406,078 MT, with 274,937 MT to Japan and 260,620 MT to South Korea. Marketing year shipments have totaled 60.18 MMT (2.369 bbu), which is up 28.03% yr/yr.
Analysts surveyed by Reuters are looking for the US corn crop to e near 89% planted as of Sunday ahead of this afternoon’s Crop Progress report.
The weekly CFTC update from Friday showed managed money trimming back their net long by 6,129 contracts in the week ending on 5/19. That took their net long position in corn futures and options to 293,354 contracts.
Jul 26 Corn is at $4.58, down 5 1/4 cents,
Nearby Cash is at $4.18 1/4, down 5 1/4 cents,
Sep 26 Corn is at $4.64 3/4, down 5 cents,
Dec 26 Corn is at $4.83, down 3 1/2 cents,
New Crop Cash is at $4.35 3/4, down 4 1/2 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.
