Corn Facing Double Digit Losses on Monday

Market Overview - Corn futures are experiencing losses of 11 to 12 ¼ cents, influenced by declines in soybean and crude oil prices, which fell by $3.19 [1] - The national average cash corn price has decreased by 12 cents to $4.11 1/2 [1] Export Data - The Export Inspections report indicates that 1.658 million metric tons (MMT) of corn were shipped in the week of March 12, which is 1.98% lower than the previous week but 8.95% higher than the same week last year [2] - Mexico was the largest destination for corn, receiving 446,121 MT, followed by Japan with 281,957 MT and Colombia with 150,849 MT [2] - The total corn shipped since September 1 is now 42.869 MMT (1.688 billion bushels), representing a 39.16% increase compared to the same period last year [2] - China was the sole destination for 127,639 MT of sorghum [2] Trading Positions - The Commitment of Traders report from CFTC shows an increase of 140,297 contracts in the spec fund net long position for the week ending March 10, marking the largest bull move since May 2019, bringing the net position to 193,271 contracts [3] - Commercials have increased their net short position by 143,803 contracts, totaling 477,414 contracts [3] Crop Progress - AgRural estimates that 50% of the Brazilian first corn crop has been harvested, which is behind last year's pace of 72% [4] - The second crop corn planting is at 91%, lagging behind the 97% pace from the previous year [4]