Corn futures contracts were trading 3 to 5 cents higher on Monday, April 21, with the CmdtyView national average cash corn price increasing by nearly five cents to $4.16 1/2. The U.S. Department of Agriculture’s Federal Grain Inspection Service reported that corn export shipments reached 1.669 million metric tons during the week ending April 16, a figure that is almost three percent above the previous week but slightly below the same period last year.
The top destinations for these exports included Mexico, Japan, and South Korea. For the marketing year beginning September 1, total exports have reached over 51 million metric tons—an increase of nearly one-third compared to last year at this time.
Data from the Commitment of Traders report showed that managed money investors reduced their net long position in corn by more than 59,000 contracts in the week ending April 14. This reduction was primarily due to new short interest and brought their net long holdings down to about 159,000 contracts for both futures and options.
May corn was priced at $4.53 1/2 per bushel at midday Monday while July contracts traded at $4.62 and December at $4.80 3/4 per bushel—all showing gains from earlier levels.
Legacy Farmers Cooperative serves agricultural producers in ten counties across northwest Ohio through grain centers, agronomy sites, fuel stations and retail locations according to the official website. The cooperative is member-owned and employs more than 150 people across its divisions according to information provided by the organization. It supports community initiatives such as youth agricultural education programs including local county fairs and scholarships as stated on its website.
The cooperative formed through a merger and maintains operations in Findlay, Ohio where it focuses on delivering value for customers while supporting farming needs with services like grain marketing, agronomy assistance and petroleum distribution according to Legacy Farmers Cooperative.
