Corn futures are trading with 2 to 3 cent gains across most contracts on Wednesday. The CmdtyView national average Cash Corn price was up 2 1/2 cent to $4.06 1/2. The markets will close early today and remain closed for Christmas on Thursday with a hard open at 8:30 am CST on Friday.
Export Sales data has total corn export commitments at 47.579 MMT as of December 11, which is 31% above a year ago. That is also 59% of USDA’s record projection, in line with the 57% average sales pace. Actual shipments are 28% of that projection, ahead of the 19% 5-year average.
CFTC’s Commitment of Traders report for the week ending last Tuesday December 16 showed spec traders in corn futures and options flipping back to a net long position of 52,672 contracts. That was a move to 62,390 contracts to the short side during that week with a mix of new shorts and fewer longs.
The Buenos Aires Grain Exchange estimates the Argentina corn crop at 77.7% planted, ahead of average, with conditions of the crop emerged rated at 87% good/excellent, compared to 38% last year.
Mar 26 Corn is at $4.50, up 2 1/2 cents,
Nearby Cash is at $4.06 1/2, up 2 1/2 cents,
May 26 Corn is at $4.58 1/4, up 2 3/4 cents,
Jul 26 Corn is at $4.64, up 3 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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