Corn futures started falling out of the overnight gates on Sunday night and are continuing that trend so far at midday. Contracts are down 4 to 6 cents across most contracts.
This morning’s Export Inspections report showed 894,295 MT (35.21 mbu) of corn shipped in the week that ended on August 22. That was down 25.9% from last week but still 49.07% above the same week last year and the largest for the current week going back to 2018. The top destination was Mexico at 363,654 MT, with 178,398 MT headed to Columbia. Marketing year to date shipments have totaled 51.034 MMT (2.09 bbu) with just over a week left in the marketing year.
Following their near week-long Crop Tour Pro Farmer released their projected US yield number at 181.1 bpa on Friday afternoon, with production at 14.979 bbu. That came in below the 183.1 bpa and 15.147 bbu estimates from USDA.
Weekly Commitment of Traders data showed spec funds in corn futures and options adding another 8,889 contracts to their net short position, at 257,869 contracts by August 20. Commercials added another 5,036 contracts to the net long position at 14,669 contracts by Tuesday.
Sep 24 Corn is at $3.62 1/4, down 5 1/2 cents,
Nearby Cash is at $3.48 1/4, down 7 1/4 cents,
Dec 24 Corn is at $3.86 1/4, down 4 3/4 cents,
Mar 25 Corn is at $4.05 1/4, down 4 1/4 cents,
New Crop Cash is at $3.39 1/4, down 8 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
