Corn Showing Fractional Midday Losses

Core Insights - Corn futures are experiencing slight losses, with the national average cash corn price reported at $3.78, down 1/4 cent [1] - The USDA reported private sales of 135,660 MT of corn to Mexico for the 2025/26 marketing year, along with 110,668 MT sold to unknown destinations [1] Export Data - The Export Inspections report indicated a total of 1.527 MMT (60.12 million bushels) of corn shipped in the week of September 25, which is 10.19% higher than the previous week and 32.85% larger than the same week last year [2] - Mexico was the largest buyer, importing 663,960 MT, followed by Japan with 251,883 MT and South Korea with 191,564 MT [2] - The total corn shipped for the marketing year now stands at 5.097 MMT (200.65 million bushels), representing a 52.11% increase compared to the same period last year [2] Market Positioning - The Commitment of Traders report revealed that managed money added 14,624 contracts to their net short position in corn futures and options as of September 23, bringing their net position to -94,675 contracts, primarily due to long liquidation [3] - Commercials reduced their net short position by 10,692 contracts to 97,598 contracts, indicating an increase in long positions, which suggests end-user hedging activity [3] Grain Stocks and Planting Progress - Analysts expect the USDA to report 1.336 billion bushels of corn on hand as of September 1, with estimates ranging from 1.26 to 1.45 billion bushels [4] - As of Thursday, Brazil's first corn crop in the center-south region is reported to be 32% planted [4]