Commodities
Corn Bulls Extend Gains into Late August Amid Strong Exports
Corn futures are trading with fractional to 2 cent gains on August 31. This is part of a larger trend as corn bulls extend their gains into late August.
The latest Export Inspections report showed corn shipments at 1.496 MMT (58.9 mbu) in the week of August 27, up 13.11% from the previous week and 6.12% above the same week last year.
Mexico was the largest destination for corn exports, receiving 510,453 MT, followed by South Korea with 264,474 MT and Japan with 173,086 MT.
According to CFTC data, managed money in corn futures and options added a total of 126,008 contracts to their net long as of August 25. This brought the total net long to 376,513 contracts, the largest since April 2022.