Corn futures are trading with midday gains of 1 to 2 cents on Monday. There were 45 deliveries issued against September futures overnight.
Weekly Export Inspections data showed 836,413 MT of corn shipped during the week that ended on September 5, with 468,626 MT coming in the new marketing year and 367,787 MT shipped in the last couple days of August. That was 31.4% larger than the same week in 2023 but down 13.45% from the previous week. Mexico was the largest destination of 403,551 MT, with 173,654 MT shipped to Spain. That took the 2023/24 marketing year final inspections to 52.4 MMT.
Friday afternoon’s Commitment of Traders report showed spec funds covering a total of 65,697 contracts in net over the short week that ended on September 3. That took their net short position to 176,211 contracts by Tuesday, the smallest since May 28. Commercials were busy adding to their net long short by 57,784 contracts to a net short 75,640 contracts, mainly on long liquidation.
Corn planting in Brazil’s center-south region for the first crop is now at 15% complete, lagging the 17% pace for the same date last year.
Sep 24 Corn is at $3.85, up 1 1/4 cents,
Nearby Cash is at $3.72 3/4, up 1 1/4 cents,
Dec 24 Corn is at $4.07 1/2, up 1 1/4 cents,
Mar 25 Corn is at $4.26, up 1 1/2 cents,
New Crop Cash is at $3.72 3/4, up 1 1/4 cents,
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