International Corn Market Update

25-Jan-2025 08:15 AM

International Corn Market Update
According to CFTC's "Commitment of Traders" data, managed money spec funds added 19,450 contracts in corn futures and options as of January 21, bringing their net long position to 311,678 contracts.
For the week ending January 16, 2024/25 corn export sales totaled 1.66 million metric tons (MMT), reaching the upper end of the 0.7–1.7 MMT forecast range. This marked the largest volume in the past four weeks, a 62.2% increase from the previous week. South Korea was the top buyer with 462,100 MT, followed by Taiwan with 277,500 MT. Bookings for the 2025/26 crop year totaled 9,243 MT, falling within the 0–50,000 MT forecast range, split between Mexico and Japan.
Argentina will lower its corn export tax from 12% to 9.5% starting January 26.