Corn futures are trading with Monday midday losses of 2 to 3 cents so far. The CmdtyView national average Cash Corn price is down 2 1/2 cents at $3.94 1/4.
Export Inspections data showed corn shipments at 1.308 MMT (51.49 mbu) shipped in the week that ended on February 5. That was up 14.01% from the week prior, but down 4.19% the same week last year. Mexico was the top destination of 476,628 MT, with 187,063 MT to Japan and 135,816 MT to Colombia. Marketing year shipments have totaled 33.93 MMT (1.336 bbu), which is up 46.72% yr/yr.
USDA’s WASDE will be out on Tuesday, with traders looking for no major changes to the US ending stocks number, with an average trade guess of 2.215 bbu according to a Bloomberg survey. The world numbers are expected to see an update, with Brazil corn production estimated up 1.3 MMT to 132.3 MMT.
CFTC data showed a total of 3,464 contracts trimmed from the spec net short position in corn futures and options in the week of February 3. That net short stood at 68,786 contracts on that date.
Brazil’s first corn crop is listed at 15% harvested according to AgRural, ahead of the 19% pace from last year. The second crop planting has reached 22%, which is slightly ahead of the 20% pace from 2025.
Mar 26 Corn is at $4.27 3/4, down 2 1/2 cents,
Nearby Cash is at $3.94 1/4, down 2 1/2 cents,
May 26 Corn is at $4.36, down 2 3/4 cents,
Jul 26 Corn is at $4.42 1/4, down 3 cents,
