Corn futures are trading with weakness to start the week, as December takes over as the front month. Contracts are down 2 to 3 ½ cents across most nearby contracts at midday.
Export Inspections data showed corn shipments totaling just 521,118 MT during the week that ended on September 12. That was down 37.92% below the previous week and a 22.95% drop from the same week in 2023. Of that total, a majority came from Mexico, with 328,265 MT headed that direction.
The Friday afternoon Commitment of Traders report showed specs in corn futures and options cutting another 44,077 contracts from their net short as of September 10. That stood at 132,134 contracts net short, the smallest since May and a drop of more than 220,000 contracts from the peak net short in July. Commercials added 31,709 contracts to their net short position as of Tuesday to 107,349 contracts, with 29,185 additional shorts, implying producers were moving corn in that week.
AgRural pegs the first crop corn at 19% planted in the Center-South region of Brazil.
Dec 24 Corn is at $4.10, down 3 1/4 cents,
Nearby Cash is at $3.75 1/4, down 2 cents,
Mar 25 Corn is at $4.28 1/2, down 2 1/2 cents,
May 25 Corn is at $4.39 1/4, down 2 1/4 cents,
New Crop Cash is at $3.75 1/4, down 2 cents,
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