After Thursday’s Export Sales report, total US corn export commitments reached 50.895 MMT as of January 1, which is 30% higher than the same period last year. This represents 63% of the USDA’s export projection for the current marketing year and is ahead of the average sales pace of 61%. Actual shipments stood at 27.414 MMT, which is 34% of the USDA estimate and also above the normal shipping pace of 24%.

In overnight tenders, a few South Korean importers purchased a total of 339,000 metric tons of corn.

USDA will release its quarterly Grain Stocks report on Monday. According to a Reuters survey of analysts, corn stocks as of December 1 are expected to be 12.962 billion bushels, with estimates ranging from 12.05 to 13.31 billion bushels.

According to CFTC data released this afternoon, as of January 6 managed funds trimmed 7,158 contracts from their net short position in corn futures and options, reducing the total net short to 16,426 contracts.