Corn Prices Rebound Amid Strong Export Demand
Corn futures are trading higher on Monday, with gains ranging from 7 to 8 cents across most contracts. Despite an initial weakness, prices have rebounded, with the CmdtyView national average Cash Corn price increasing by 9 cents to $4.19 1/4.
The weekly Export Inspections report showed corn shipments of 1.885 MMT (74.2 mbu) in the week of July 30, a 22.92% increase from the previous week and 45.44% higher than the same period last year. Mexico was the largest recipient of corn, followed by South Korea and Colombia.
The marketing year total is now 77.27 MMT (3.04 bbu) of export, a 25.35% increase from the same period in the previous year with just one month left to go. Managed money also added to their net long position in corn futures and options, according to CFTC data released on Friday.