Corn Bulls Extending Gains into the End of August
Corn futures are trading with fractional to 2 cent gains so far on the day. There were 90 deliveries issued against September corn on First Notice Day. The CmdtyView national average Cash Corn price is back up 1 1/2 cents at $4.92 1/2.
Monday morning's Export Inspections report showed corn shipments at 1.496 MMT (58.9 mbu) in the week of August 27. That was up 13.11% from the week prior and 6.12% above the same week last year. Mexico was the largest destination of 510,453 MT, with 264,474 MT shipped to South Korea and 173,086 MT to Japan. The marketing year total is now 83.81 MMT (3.299 bbu) of corn exports, which is now 25.14% ahead of the same period last year as the marketing year ends today.
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Friday's CFTC data showed managed money in corn futures and options adding a total of 126,008 contracts to their net long as of August 25. That net long was tallied at 376,513 contracts, which was the largest since April 2022, but still over 52,000 contracts shy of the Tuesday record going back to 2006. Specs held a total of 465,500 contracts of outright longs by Tuesday, the largest on record.
AgRural estimates the Brazilian 2025/26 second corn crop at 96% harvested in the center south region, which lags last year. The 2026/27 first corn crop for that region was tallied at 11% planted.
