Spillover pressure from losses in the wheat market are pressing on corn this morning, as contracts are down 2 to 3 cents. The corn market posted fractional to 1 ¼ cent losses on Friday, a few deferreds up ¼ cent. December still managed to pull out a 1 ½ cent gain on the week. December options expired on Friday. First notice day is this next Friday. The national average Cash Corn price from cmdtyView is down 1 1/4 cents at $4.02 1/4 per bu.
The weekly Commitment of Traders report from CFTC showed managed money spec traders in corn adding 4,639 contracts to their net long as of 11/19, taking the position to 114,628 contracts. Commercials were adding 1,337 contracts to their net short as of Tuesday to 321,974 contracts.
Export Sales data has accumulated corn shipments at 9.327 MMT, 31% above a year ago and 16% of the USDA export projection, vs. the 13% average pace for this early in the marketing year. Total commitments are 39% larger yr/yr at 31.396 MMT, which is 53% of USDA full year estimate, 7% above the normal pace.
Dec 24 Corn closed at $4.25 1/2, down 1 1/4 cents, currently down 2 1/2 cents
Nearby Cash was $4.02 1/4, down 1 1/4 cents,
Mar 25 Corn closed at $4.35 1/4, down 1 cent, currently down 2 3/4 cents
May 25 Corn closed at $4.42 1/2, down 3/4 cent, currently down 3 cents
- Corn Demand in Focus: What The Cash Market May Be Trying To Say
- Monday Morning Markets: Did the World End this Past Weekend?
- Did More Missiles Move Morning Markets?
- Recent Corn Rally Artificially Propped Up – What’s Next?
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
