Corn price action is down 2 to 3 ¼ cents so far on Wednesday morning. Futures posted gains of 4 to 5 1/4 cents on Tuesday, gaining some bullish steam after a weaker start. New buying interest was noted, with preliminary open interest up 16,573 contracts, as March was up 11,266. There were another 4 deliveries issued against December futures overnight, taking the total to 224. The CmdtyView national average Cash Corn price was back up 4 1/4 cents at $4.04 1/4.
Support was from Russia threatening to cut off Ukraine from the sea if their attacks on Russian linked vessels continue.
CFTC data for the week of October 21 was released on Tuesday, with managed money trimming 30,070 contracts from their net short position to 160,985 contracts. Commercials were adding shorts in that week, increasing their net short by 37,087 contracts to 50,863 contracts.
EIA data for the week ending on November 28 will be out on Wednesday, with traders looking to see if ethanol production held up on the holiday week from the previous near record total in the week prior. Some are looking for a slight pullback in output.
A Taiwan importer has tendered for 65,000 MT of wheat, with a deadline of Thursday for offers.
Dec 25 Corn closed at $4.38, up 5 1/4 cents, currently down 2 cents
Nearby Cash was $4.04 1/4, up 5 1/4 cents,
Mar 26 Corn closed at $4.50, up 5 cents, currently down 3 1/2 cents
May 26 Corn closed at $4.57 1/2, up 4 1/4 cents, currently down 3 1/4 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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