Corn Slipping Lower on Tuesday Morning Trade

Price Movement - Corn prices are down 1 to 2 cents on Tuesday after a long weekend, with futures closing the previous Friday session 4 to 5 cents higher in the front months, recovering some early week losses [1] - The CmdtyView national average Cash Corn price increased by 6 cents to $3.89 1/2 [1] Futures and Options Data - CFTC data indicates that managed money in corn futures and options added 65,348 contracts to their net short position as of January 13, bringing the total net short to 81,774 contracts, marking the largest new short interest since October [2] - Long positions have decreased to their smallest level since November [2] Export and Shipment Data - USDA Export Sales data as of January 8 shows 52.035 million metric tons (MMT) of corn commitments, which is 29% higher than the same week last year, representing 64% of USDA's forecast and ahead of the 62% average sales pace [3] - Actual shipment data from FAS indicates 28.97 MMT, which is 36% of USDA's projection compared to a 26% average shipping pace [3] Brazilian Corn Crop - AgRural estimates that the first Brazilian corn crop is 1.6% harvested as of last Thursday, while the second corn crop is pegged at 1.1% planted [3] Market Closing Prices - March 26 Corn closed at $4.24 3/4, up 4 1/2 cents, but is currently down 2 cents; Nearby Cash was $3.87 0/1, up 4 3/4 cents [4] - May 26 Corn closed at $4.32, up 4 1/4 cents, currently down 1 3/4 cents; July 26 Corn closed at $4.38, up 4 cents, currently down 1 1/2 cents [4]