Corn price action is down 1 to 3 cents so far on Tuesday morning, though more than a nickel off the overnight lows. Futures were down 5 to 9 ½ cents in the front months on Monday, well off the overnight highs. Preliminary open interest was up 38,787 contracts on Monday, heavily in December (+30,379). There were 156 deliveries issued against March corn overnight. The CmdtyView national average Cash Corn price was down 8 cents to $4.10. Crude oil closed the day down $5.85 and more than $33 off the overnight highs. It is down another $5.44 this morning. President Trump signaled the that the ongoing conflict may be nearing an end late on Monday, which pushed prices further.
USDA’s FGIS tallied corn export shipments at 1.518 MMT (59.75 mbu) during the week ending on March 5. That was 18.4% below the week prior and 17.7% shy of the same week last year. Mexico was the top destination of 497,964 MT, with 243,022 MT headed to Japan and 203,726 MT to Colombia. Marketing year exports for 2025/26 are 41.21 MMT (1.622 bbu) since September 1, which is now 41.54% above the same period last year.
USDA’s WASDE will be out on this morning, with traders looking for 2.136 bbu of corn ending stocks for the US, up 9 mbu if realized. Brazilian production is expected to be up ~1 MMT to 132.07 MMT
Mar 26 Corn closed at $4.37 1/2, down 9 1/2 cents, currently down 2 3/4 cents
Nearby Cash was $4.10, down 8 cents,
May 26 Corn closed at $4.53 3/4, down 6 3/4 cents, currently down 1 3/4 cents
Jul 26 Corn closed at $4.65 1/2, down 5 1/2 cents, currently down 2 cents
