Corn futures are experiencing losses of 11 to 12 ¼ cents as of midday Monday, driven by declines in soybean and crude oil prices. The national average cash corn price has fallen to $4.11 ½, reflecting a broader trend in the commodities market. Recent export inspections reported 1.658 million metric tons of corn shipped in the week ending March 12, which, while down 1.98% from the previous week, still marks an 8.95% increase year-over-year, with Mexico being the largest importer.

The latest Commitment of Traders report indicates a significant increase in speculative long positions, adding 140,297 contracts and marking the largest bullish move since May 2019. However, producer selling is evident as commercials have increased their net short positions. Additionally, Brazilian corn harvests are lagging behind last year’s pace, which may influence future supply dynamics.

For professionals in the market, the interplay between domestic exports and international supply trends could signal potential volatility in corn prices. I recommend checking out the full article for a deeper analysis of these developments.

Source: nasdaq.com