Corn price action has been back and forth early on Monday, with contracts down 1 to 2 cents so far. Futures sputtered late on Friday, with contracts down 3 ½ to 4 ¼ cents on the day, as some deferreds were fractionally lower. May was down 1 ¾ cents last week. Open interest was up 2,905 contracts on Friday, with exception to the front month May, dropping 7,023 contracts. The CmdtyView national average Cash Corn price was down 4 cents to $4.23 3/4.
Early on Monday morning, President Trump put out a Truth Social post ordering the military to postpone strikes against Iranian power plants and energy infrastructure for 5 days after weekend talks were “good and productive.” Iran state media responded stating there was no direct or indirect contact with the President. Oil is down $6.51 this morning.
The Friday update to the CFTC Commitment of Traders report showed a total of 35,533 contracts added to the managed money net long position in corn futures and options as of Tuesday, That took the net long to 228,804 contracts, as shorts dropped to their lowest level since last March. Commercials added 44,702 contracts to their net short of 522,116 contracts as producer selling continues to pick up.
Export Sales data from Thursday brought the marketing year corn export commitments to 67.658 MMT, which is 30% larger than the same period last year. That is 81% of USDA’s export number and near the 82% average pace. Shipments at 43.46 MMT are now 52% of USDA’s number and running ahead of the 45% average pace.
Brazil’s AgRural estimates the Brazilian second corn crop at 97% planted as of last Thursday, as last year was already completed by this point.
May 26 Corn closed at $4.65 1/2, down 4 1/4 cents, currently down 2 cents
Nearby Cash was $4.23 3/4, down 4 cents,
Jul 26 Corn closed at $4.76, down 4 cents, currently down 2 cents
Dec 26 Corn closed at $4.90 3/4, down 3 3/4 cents, currently down 1 3/4 cents
New Crop Cash was $4.49 1/2, down 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. This article was originally published on Barchart.com
