According to CFTC Commitment of Traders data, for the week ending January 27, managed money speculators reduced their net short position in corn futures and options by 9,274 contracts. This reduction mainly came from the addition of new long positions, bringing the overall net short to 72,050 contracts. Meanwhile, commercial traders reduced some long positions, resulting in their net short position increasing by 17,381 contracts to 187,342 contracts.

Export Sales data shows total corn export commitments at 57.694 million metric tons, which is 33% higher than the same period last year. This represents 71% of the USDA’s export projection, ahead of the average sales pace of 67%.

According to the Buenos Aires Grains Exchange, 46% of Argentina’s corn crop is rated good to excellent, down from 52% last week but still better than the 31% rating at the same time last year.