Corn prices are down 1 to 2 cents in the nearby contracts on Monday morning. Futures closed the Friday session with contracts pulling off midday lows but still down 2 to 4 cents. March was down 2 ¼ cents last week. Preliminary open interest was down 3,824 contracts on Friday. The CmdtyView national average Cash Corn price was down 2 cents at $3.93 1/4. Outside markets played a role on Friday, with the dollar index up $0.893.
Commitment of Traders data from CFTC showed managed money speculators in corn futures and options trimming 9,274 contracts from their net short in the week ending on January 27. That mainly came via new longs, as the net short was at 72,050 contracts. Commercials saw some long reduction, with the net short rising 17,381 contracts to 187,342 contracts.
Export Sales data now has corn commitments at 57.694 MMT, which is 33% above the same period last year. That is also 71% of the USDA export projection, ahead of the 67% average sales pace.
The Buenos Aires Grains Exchange estimates the Argentina corn crop at 46% good/excellent, lagging the 52% from last week but still better than the 31% rating last year.
AgRural estimates the Brazilian first corn crop at 10% harvested, lagging the 14% pace from last year. The second crop is at 13% planted, which is 4 points ahead of the same pace last year.
Mar 26 Corn closed at $4.28 1/4, down 2 1/2 cents, currently down 2 cents
Nearby Cash was $3.93 1/4, down 2 cents,
May 26 Corn closed at $4.35 3/4, down 3 1/4 cents, currently down 1 3/4 cents
Jul 26 Corn closed at $4.42, down 3 3/4 cents, currently down 1 cent
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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