The corn market is trading with Monday morning losses of 2 to 6 cents after gapping lower on Sunday night. Corn futures closed out the Friday session with losses of 4 to 9 ¼ cents. March was down 4 ½ cents on the week. Preliminary open interest was down 12,080 contracts, indicating longs were exiting. The national average Cash Corn price from cmdtyView was down 9 1/4 cents at $4.45.
On Saturday President Trump signed an executive order to impose a 25% tariffs on most Canadian and Mexico goods, starting on Tuesday. Canadian crude oil will have a 10% tariff. At this point, neither corn nor ethanol have made it on either countries list of retaliatory action. President Trump has indicated he will meet with both countries leaders today.
Commitment of Traders data from CFTC showed spec funds adding 39,043 contracts to their net long position in the week ending on January 28. That took their large net long to 350,721 contracts, the largest since May 2022. The outright number of long contracts was a record 447,179 contracts.
The Buenos Aires Grains Exchange tallied the Argentina corn crop at 28% excellent, down 2% from the previous number, shifting to the poor category at 22%. AgRural estimates the first corn crop in Brazil at 14% harvested in the center south region, with the second crop at 9% planted.
Mar 25 Corn closed at $4.82, down 8 1/4 cents, currently down 6 cents
Nearby Cash was $4.45, down 9 1/4 cents,
May 25 Corn closed at $4.93, down 8 1/2 cents, currently down 5 3/4 cents
Dec 25 Corn closed at $4.60 1/4, down 4 cents, currently down 2 1/4 cents
New Crop Cash was $4.28 1/8, down 5 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.More news from Barchart
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