Corn futures are trading with 2 to 3 1/4 cent losses so far at midday. The CmdtyView national average Cash Corn price is down 2 3/4 cents at $3.91 1/2. Crude oil is down $3.48/barrel, with the US dollar index up $0.586.

Monday morning’s Export Inspections report showed 1.136 MMT (44.74 mbu) of corn shipped in the week of 1/29. That was 9.88% below the week prior and 26.55% shy of the same week last year. Japan was the largest destination of 444,439 MT, with 260,227 MT shipped to Mexico and 147,478 MT to Colombia. The marketing year total is now 32.611 MMT (1.284 bbu) of corn shipped since September, which is still 49.86% above the same period last year.

Just prior to midday, President Trump issued a Truth Social post that a call with India’s President Modi went well with the US lowering tariffs on the country from 25% to 18% and India agreeing to buy over $500 billion of US energy, technology, agricultural, coal and other products. India has historically been a top 3 to 4 buyer of US ethanol. 

Commitment of Traders data from CFTC showed managed money speculators in corn futures and options trimming 9,274 contracts from their net short in the week ending on January 27. That mainly came via new longs, as the net short was at 72,050 contracts. Commercials saw some long reduction, with the net short rising 17,381 contracts to 187,342 contracts.

AgRural estimates the Brazilian first corn crop at 10% harvested, lagging the 14% pace from last year. The second crop is at 13% planted, which is 4 points ahead of the same pace last year. StoneX estimates the first corn crop in Brazil at 26.59 MMT, up 610,000 MT from their previous number. Their second crop projection is 106.37 MMT, a 560,000 MT increase from the prior estimate. 

Mar 26 Corn is at $4.25, down 3 1/4 cents,

Nearby Cash is at $3.91 1/2, down 2 3/4 cents,

May 26 Corn is at $4.32 1/2, down 3 1/4 cents,

Jul 26 Corn is at $4.39, down 3 cents,