International Corn Market

22-Feb-2025 08:06 AM

International Corn Market
The CFTC data showed that speculative funds in corn futures and options added 21,144 contracts to their net long position, bringing their total to 353,533 contracts. At the same time, commercial traders increased their net short position by 22,352 contracts, bringing their total to 638,930 contracts.
The Friday morning Export Sales report indicated that 1.454 million metric tons (MMT) of corn were sold during the week ending February 13, which was 11.8% lower than the previous week but still 77.2% higher than the same week in 2024. Mexico was the largest buyer, purchasing 546,800 MT, followed by Japan (457,400 MT) and Spain (185,500 MT). Total export commitments now stand at 47.87 million metric tons, up 29% from last year. This represents 77% of the USDA’s export projection, 3 percentage points ahead of the average pace.
The USDA will release its initial outlook for the 2025 corn crop at its February Outlook Forum next week. Analysts surveyed by Bloomberg expect USDA to project 93.5 million acres of corn planting, an increase from last year’s 90.6 million acres, with estimates ranging between 92 million and 95.1 million acres.