Corn Popping Higher on Monday Morning
Corn is trading with 1 to 3 cent gains early on Monday. Spillover support from the wheat market is helping. The corn market was under pressure on Friday as contracts were 2 to 4 cents in the red. Friday’s preliminary open interest was up 5,080 contracts. July closed the week, giving all the previous gains back, down 15 ½ cents, as December lost 12 ¼ cents. The front month CmdtyView national average Cash Corn price was down 1 1/2 cents at $4.20 3/4.
Export Sales data from Friday showed 916,712 MT in 2024/25 business in the week of May 22. That was a 7-week low but still 13.2% above last year. Japan was the largest buyer of 214,400 MT, with Mexico in for 201,500 MT and 157,900 MT sol to Colombia. New crop sales were 31,000 MT.
Friday afternoon’s Commitment of Traders report from CFTC showed the managed money net short position in corn futures and options backing off by 2,450 contracts to 100,760 contracts as of May 27th. The commercial net short position was cut by 22,231 contracts to 150,061 contracts as of Tuesday.
Brazil’s corn crop estimate from Safras & Mercado was raised by 3.89 MMT to 139.03 MMT on a 3.82 MMT increase to their second crop number. USDA is at 130 MMT. AgRural released updated estimates this morning, raising their corn projection by 3.7 MMT to 128.5 MMT. They also estimated the second crop corn at 1.3% planted in the center-south region.
Jul 25 Corn closed at $4.44, down 3 cents, currently up 2 3/4 cents
Nearby Cash was $4.20 3/4, down 1 1/2 cents,
Sep 25 Corn closed at $4.23 1/4, down 4 cents, currently up 1 1/2 cents
Dec 25 Corn closed at $4.38 1/2, down 2 3/4 cents, currently up 1 3/4 cents
New Crop Cash was $3.95 7/8, down 4 1/2 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.