Corn futures are trading with 3 to 5 cent gains so far on Monday morning. Early strength in the wheat market is supportive. The market settled Friday with front months down 6 to 8 cents in the nearbys as March expired and May dropped 10 ¾ cents on the week. New crop December was down 3 ¼ cents on Friday, with a 4 cent pullback last week. Preliminary open interest saw some liquidation, down 7,172 contracts on Friday. The CmdtyView national average Cash Corn price was back down 6 3/4 cents at $4.20.
USDA reported private export sales of 218,604 MT of corn to unknown destination during the reporting period on Friday morning.
The weekly CFTC report showed speculators in corn futures and options cutting back another 73,211 contracts from their net long position a of March 11. That took their net long to 146,541 contracts, a reduction of 190,913 contracts over the previous 2-week period. Commercials were backing off their large net short by 77,711 contracts, mainly due to additional commercial longs.
AgRural estimates the Brazilian second corn crop at 97% planted as of last Thursday.
Mar 25 Corn closed at $4.45 1/2, down 8 cents,
Nearby Cash was $4.20, down 6 3/4 cents,
May 25 Corn closed at $4.58 1/2, down 6 3/4 cents, currently up 5 cents
Dec 25 Corn closed at $4.51, down 1 1/4 cents, currently up 3 cents
New Crop Cash was $4.14 1/1, down 1 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.
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