Corn futures are posting gains on Tuesday, with contracts rallying anywhere from 3 to 5 cents across most contracts. The national average Cash Corn price from cmdtyView is up 4 1/2 cents at $4.53 1/2. 

Export Inspections data showed a total of 1.541 MMT (60.68 mbu) of corn shipped in the week that ended in January 16. That was more than double the same week last year and 6.88% above the week prior. Japan was the top destination of 405,010 MT, with 347,525 MT headed to Mexico and 274,155 MT to South Korea. Marketing year shipments have totaled 19.25 MMT (757.8 mbu), a 30.54% increase from last year.

On Monday, President Trump signaled a less aggressive approach to tariffs and has delayed implementation to review current trade agreements and policies with China, Canada, and Mexico. He also threw out a potential February 1 start date for 25% tariffs on Mexico and Canada. 

The weekly CFTC Commitment of Traders report showed managed money spec traders in corn futures and options adding 38,882 contracts to their net long position as of January 14. That took their net long to 292,228 the largest since May 2022. Commercials increased their net short by 52,432 contracts to 540,764 contracts, the most since June 2022.

AgRural estimates the first corn crop at 4.1% harvested as of last Thursday in the Center-South region of Brazil. The second crop was listed at 0.3% planted.

Mar 25 Corn is at $4.88 3/4, up 4 1/2 cents,

Nearby Cash is at $4.53 1/2, up 4 1/2 cents,

May 25 Corn is at $4.98, up 5 cents,

Dec 25 Corn is at $4.59, up 3 cents,

New Crop Cash is at $4.30 1/2, up 2 1/2 cents,