Corn is showing 1 to 2 cent gains across most nearbys to start Monday trade. The corn market posted steady to 1 ¼ cent gains across most contracts on Friday, as December was up 8 ¼ cents on the week. Friday’s Preliminary open interest was down 2,280 contracts, mainly in the front months. The CmdtyView national average Cash Corn price was up 1/4 cent to $3.91 1/4. Spillover support was noted from strength in the wheat and soybeans.
The average close for December corn futures w at $4.22, should be the harvest price for crop insurance. That is 6 cents above last year’s harvest and 48 cents below the spring price.
Ukraine corn exports totaled just 0.8 MMT in October, which was a large drop from the 1.73 MMT last year according to economic minister. The Argentina corn crop was pegged at 35% planted, according to the Buenos Aires Grain Exchange.
Brazil’s AgRural estimates the first corn crop is 60% planed as of Thursday, now just 1 percentage point ahead of last year.
Dec 25 Corn closed at $4.31 1/2, up 1 1/4 cents, currently up 1 cent
Nearby Cash was $3.91 1/4, up 1/4 cent,
Mar 26 Corn closed at $4.44, up 1/4 cent, currently up 1 cent
May 26 Corn closed at $4.52 1/4, unch, currently up 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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