Corn price action is down 1 to 2 cents across the front months on Monday. Futures posted higher trade at Monday’s close with contracts fractionally higher in the nearbys. Preliminary open interest was down 3,228 contracts, mostly in the December. The CmdtyView national average Cash Corn price was a penny higher at $3.81 1/2. With less than 2 weeks left for the harvest price discovery for crop insurance, the average close has been $4.19 for December corn futures.
Monday morning’s Export Inspections report showed a total of 1.317 MMT (51.877 mbu) of corn shipped in the week of 10/16. That was 8.9% above the week prior and up 31.62% from the same week last year. Mexico was the largest buyer of 443,141 MT, with 207,621 MT shipped to Japan and 201,101 MT to Spain. The marketing year total is now at 9.338 MMT (367.63 mbu) of corn shipped, which is now 60.61% above the same period last year.
Over the weekend, President Trump threatened to cut off some aid and increase tariffs for Colombia to in response to drug flow from the country. No response from Colombia was noted other than recalling an ambassador to the US, though they are a top 4 buyer of US corn.
A South Korean importer purchased a total of 67,000 MT of corn in a tender overnight.
Dec 25 Corn closed at $4.23 1/4, up 3/4 cent, currently down 1 3/4 cents
Nearby Cash was $3.81 1/2, up 1 cent,
Mar 26 Corn closed at $4.37, up 1/2 cent, currently down 1 1/2 cents
May 26 Corn closed at $4.45 1/4, up 1/4 cent, currently down 1 1/2 cents
