Corn futures are fading the crude oil rally to start the week, as contracts are down 4 to 5 ½ cents. The CmdtyView national average Cash Corn price is 2 3/4 cents to $4.05 3/4.
USDA’s FGIS tallied corn export shipments at 1.728 MMT (68.03 mbu) during the week ending on May 28. That was 7.72% above the week prior and 5.26% above the same week last year. Japan was the top destination of 592,231 MT, with 430,834 MT headed to Mexico and 148,236 MT to Colombia. Marketing year exports for 2025/26 are 61.94 MMT (2.439 bbu) since September 1, which is now 27.33% above the same period last year.
CFTC data from Friday afternoon showed managed money slashing 87,850 contracts from their net long position in corn futures & options in the week that ended on May 26. That took the net long to 205,504 contracts as of Tuesday.
StoneX estimate the Brazilian corn crop at 136.8 MMT< a 0.2% drop from their previous number, mainly via the second crop estimate.
Jul 26 Corn is at $4.41 1/4, down 5 1/2 cents,
Nearby Cash is at $4.05 3/4, down 2 3/4 cents,
Sep 26 Corn is at $4.50 1/2, down 5 1/4 cents,
Dec 26 Corn is at $4.70, down 5 cents,
New Crop Cash is at $4.22 1/2, down 4 1/4 cents,
