Corn bulls are trying to hold together on Wednesday morning, with contracts up 1 to 2 ¼ cents. Futures closed Tuesday with contracts seeing some spreading and adding carry back into the market as December was up ¼ cent and deferreds up 2 ½ cents. Preliminary open interest dropped 39,716 contracts, mostly in the December (-74,996) with March up 33,466 contracts. Friday is first notice day for December futures. The CmdtyView national average Cash Corn price was up 1/4 cent at $3.88. The market will be closed on Thursday for Thanksgiving, with a hard open at 8:30 CST on Friday.
Export Sales data from Tuesday morning showed a total of 1.327 MMT of corn sold in the week of 10/9, in the middle of traders looking for 0.9-2.5 MMT in the delayed dataset. That was a 4-week low and below the same week last year. Data for the week of 10/16 will be out on Friday.
Delayed CFTC data from the week of October 14 showed managed money with a net short position of 191,055 contracts in corn futures and options. That was an addition of 49,089 contracts as of that week. Commercial slashed 37,930 contracts from their net short to just 13,776 contracts, as longs were increasing.
Brazilian corn exports in November are expected to total 6.11 MMT according to ANEC, down 0.25 MMT from the week prior.
Dec 25 Corn closed at $4.23 1/2, down 1/4 cent, currently up 2 ¼ cents
Nearby Cash was $3.88, up 1/4 cent,
Mar 26 Corn closed at $4.38 1/4, up 1 1/2 cents, currently up 2 ½ cents
May 26 Corn closed at $4.46 3/4, up 2 1/2 cents, currently up 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.
