Corn price action is up 1 to 2 cents for the first few months on Tuesday morning. Futures settled Monday’s session with contracts down 1 to 2 cents at the close. Open interest rose 5,170 contracts on Monday, as the March rollout continues, down 30,801 contracts. The national average price of CmdtyView Cash Corn was down 1 1/2 cents at $3.95 1/4.

Data from export inspections showed corn shipments at 1,308 MMT (51.49 mbu) were shipped in the week ending Feb. 5. This was up 14.01% from the previous week, but down 4.19% on the same week last year. Mexico was the main destination for 476,628 MT, with 187,063 MT in Japan and 135,816 MT in Colombia. Marketing year shipments totaled 33.93 MMT (1,336 bbu), up 46.72% year-on-year.

The USDA’s WASDE is due later this morning, with traders looking for no major changes in the US ending stocks number, with an average trade estimate of 2.215 bbu according to a Bloomberg survey. Global figures are expected to see an upgrade, with Brazil’s corn production estimated at 1.3 MMT to 132.3 MMT.

March 26 Corn closed at $4.28 3/4, down 1 1/2 cents, currently up 2 cents

Cash close was $3.95 1/4, down 1 1/2 cents.

May 26 Corn closed at $4.37, down 1 3/4 cents, currently up 1 3/4 cents

July 26 Corn closed at $4.43 3/4, down 1 1/2 cents, currently up 1 1/2 cents

As of the date of publication, Austin Schroeder had no positions (either directly or indirectly) in any of the securities mentioned in this article. All information and data in this article is for informational purposes only. This article was originally published on Barchart.com