Corn Futures See Midday Gains Amid Mixed Export Data
Corn futures are trading with gains of 1 to 2 cents at midday, supported by a rise in the CmdtyView national average Cash Corn price. The latest Export Inspections report showed corn shipments for the week ending September 10 fell 8.9% compared to the prior week and were slightly below last year's level. Mexico was the largest recipient of U.S. corn exports during that period, followed by South Korea and Japan. The marketing year shipments through the first ten days are at 2.174 MMT (85.57 mbu), just 0.46% below the same time in the previous marketing year. Meanwhile, managed money investors reduced their record net long position in corn futures by nearly 6,000 contracts as of September 3. Brazil's planting progress for its first corn crop is ahead of last year’s pace at 22%, and Ukraine has revised upward its projected corn harvest to 32.3 MMT for the upcoming season.
