Corn Futures Trade Up on Increased Exports and Managed Money Positioning
Corn futures are trading up on Monday, with fractional to 2 cent gains so far. The CmdtyView national average Cash Corn price is back up 1 1/2 cents at $4.92 1/2.
The August 27 Export Inspections report showed corn shipments at 1.496 MMT (58.9 mbu), a 13.11% increase from the previous week and 6.12% above the same time last year. Mexico was the largest destination, with 510,453 MT shipped, followed by South Korea and Japan.
The marketing year total is now 83.81 MMT (3.299 bbu) of corn exports, which is 25.14% ahead of the same period last year. Don't Miss a Day: From crude oil to coffee, sign up free for Barchart's best-in-class commodity analysis.
The CFTC data from August 25 showed managed money in corn futures and options adding a total of 126,008 contracts to their net long. This brings the total net long to 376,513 contracts, the largest since April 2022.