Corn price action is down fractionally to 2 cents so far on Wednesday morning. Futures posted gains of 4 to 5 cents across most contracts on Tuesday, following a bullish USDA report. Open interest was up 6,413 contracts on Tuesday, suggesting net new buying. The CmdtyView national average Cash Corn price was up 4 1/2 cents at $4.03 1/2.
The monthly WASDE was out this morning, showing a 125 mbu cut to US ending stocks, now at 2.029 billion bushels. That was well below estimates and came all from an increase to the export category.
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On the world side, the largest adjustment was via increase carryover (+1.71 MMT), mainly in Argentina, as the US cut more than off set that. World ending stocks for 2025/26 are seen at 279.15 MMT, a 2.19 MMT drop from last month. Other notable adjustments was a 3 MMT cut to Ukraine output.
CFTC data from the week of November 4 showed corn speculators cutting 17,990 contracts from their net short position, taking it to 71,516 contracts.
A couple South Korean importers purchased a total of 136,000 MT of corn in tenders overnight. Taiwan tendered for 65,000 MT of corn.
ANEC estimates the December Brazilian corn export total at 6.3 MMT. That is a 1.31 MMT increase from last week’s projection and would be 2.03 MMT increase over last year’s total in December. Argentina trimmed their export tax on corn by 1 percentage point to 8.5% according to a release from the country’s economic minster.
Dec 25 Corn closed at $4.40 3/4, up 4 1/2 cents, currently down 3/4 cent
Nearby Cash was $4.03 1/2, up 4 1/2 cents,
Mar 26 Corn closed at $4.48, up 4 1/4 cents, currently down 1 3/4 cents
May 26 Corn closed at $4.55 1/2, up 4 1/4 cents, currently down 1 1/4 cents
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