Corn price action is up 3 to 4 cents across most contracts on Tuesday morning. Futures saw gains hold into the Monday close, as contracts were up 3 to 4 ½ cents. March peaked above $4.50 but couldn’t hold into the close. Preliminary open interest was down 11,325 contracts on Monday, with 21,022 contracts leaving the December. The CmdtyView national average Cash Corn price was back up 4 3/4 cents at $3.96 1/4.
Export Inspections data showed 2.054 MMT (80.86 mbu) of corn shipped in the week that ended on November 13, the largest total for any week since April 2021. That was an increase of 38.35% from the week prior and more than double the same week last year. Mexico was the top destination of 592,006 MT, with 424,773 MT to Japan and 349,789 MT to South Korea. Marketing year shipments have totaled a massive 15.838 MMT (623.5 mbu) already, a 73% increase yr/yr.
A South Korean importer purchased a total of 65,000 MT of corn in a tender on Tuesday, likely US origin.
Dec 25 Corn closed at $4.34 3/4, up 4 1/2 cents, currently up 3 3/4 cents
Nearby Cash was $3.96 1/4, up 4 3/4 cents,
Mar 26 Corn closed at $4.48, up 4 cents, currently up 3 1/2 cents
May 26 Corn closed at $4.55 1/2, up 3 1/4 cents, currently up 3 cents
