Corn futures are experiencing downward pressure, with July contracts down 5 ¼ cents to $4.58 at midday. The CmdtyView national average cash corn price has also declined by the same margin to $4.18 1/4. Recent export inspections data revealed a shipment of 1.582 million metric tons for the week ending May 21, marking an 11.43% increase from the previous week and a 13.01% rise year-over-year. Mexico remains the largest importer, followed by Japan and South Korea.
The market is closely watching the upcoming Crop Progress report, with analysts predicting that 89% of the U.S. corn crop will be planted as of Sunday. Additionally, the latest CFTC report indicates that managed money has reduced their net long positions in corn futures by over 6,000 contracts, now totaling 293,354 contracts.
For market professionals, the key takeaway is the potential volatility in corn prices as planting progresses and export demand remains a focal point, especially with significant year-over-year growth in shipments.
Source: nasdaq.com