International Corn Market Update

18-Jan-2025 08:16 AM

International Corn Market Update
The weekly CFTC Traders Commitment report revealed that managed money spec traders increased their net long position in corn futures and options by 38,882 contracts as of January 14. This brought their net long position to 292,228 contracts, the largest since May 2022. Commercial traders increased their net short position by 52,432 contracts, reaching 540,764 contracts, the highest since June 2022.
The USDA's export sales report, released Thursday morning, showed that 1.024 MMT of corn was sold for the 2024/25 season during the week ending January 9. This brings the total commitment for the year to 40.27 MMT, or 65% of the USDA's full-year forecast, compared to the average sales pace of 61%.
In Argentina, the corn crop condition is deteriorating. According to the Buenos Aires Grains Exchange, the percentage of corn rated as excellent has dropped from 39% to 3%, while the percentage rated as poor has risen from 5% to 14%.