Corn price action is 2 to 3 cents higher so far on Tuesday, seeing some follow through from Monday trade. Futures were 5 to 8 cents higher across most contracts to start the week. Short covering was noted on Monday, with preliminary open interest dropping 18,903 contracts, mainly in the December contract (-21,393). The CmdtyView national average Cash Corn price was up 5 1/2 cents to $3.88 ¼.
Export Inspections data showed 1.187 MMT (46.75 mbu) of corn shipped in the week that ended on October 23, which was a drop of 10.38% from the week prior but 38.11% above the same week last year. Mexico was the top destination of 366,473 MT, with 173,669 MT to South Korea. Marketing year shipments have totaled 10.533 MMT (414.68 mbu), a 57.83% increase yr/yr.
Crop Progress data was not reported on Monday due to the government shutdown, with traders looking for 72% of the corn crop harvested as of 10/26.
A South Korean importer purchased 204,000 MT of corn in a tender overnight. No origin was listed for the purchase.
AgRural estimates the 2025/26 Brazilian first corn crop at 55% planted as of Thursday.
Dec 25 Corn closed at $4.28 3/4, up 5 1/2 cents, currently up 2 1/2 cents
Nearby Cash was $3.88 1/4, up 5 1/2 cents,
Mar 26 Corn closed at $4.44 1/4, up 7 1/4 cents, currently up 2 3/4 cents
May 26 Corn closed at $4.53 3/4, up 8 cents, currently up 2 3/4 cents
