International Corn Market

03-May-2025 08:09 AM

International Corn Market
According to the CFTC Commitment of Traders report, speculators trimmed a total of 41,476 contracts, bringing their net long position down to 71,329 contracts as of April 29. Commercial traders reduced their net short position by 18,426 contracts to 339,720.
The upcoming week’s weather forecast shows scattered rainfall of about 1 inch in parts of Missouri (MO), Illinois (IL), and Indiana (IN), while heavier rain is expected in Ohio (OH). Areas further south are also expected to receive more precipitation. The Western Corn Belt (WCB) — including Nebraska (NE), Iowa (IA), Wisconsin (WI), Minnesota (MN), and the Dakotas — is expected to remain relatively dry.
USDA’s weekly export sales report shows old crop corn export commitments at 58.749 million metric tons (MMT), which is 91% of the full-year USDA forecast. This is slightly behind the 5-year average pace of 94% but ahead of last year’s 86%.
StoneX has projected Brazil’s total 2024/25 corn production at 132.4 MMT. Their second crop estimate was raised by 2.7 MMT to 104.3 MMT.