Corn is trading with losses of 4 to 5 cents early on Monday morning. Futures slipped into the Friday close, with contracts steady to 1 ¾ cents higher on the day. July was down 4 ¾ cents last week, with December down 5 ¾ cents. Open interest was up 6,185 contracts on Friday. The CmdtyView national average Cash Corn price was up 1 1/4 cents at $3.81. Crude oil is down $4.65 this morning and adding pressure after the US and Iran have reportedly come to a peace deal over the weekend.
The weekly CFTC Commitment of Traders report showed the largest 2 week (Tuesday/Tuesday) shift to the short side in the history of managed money in corn futures and option since the inception of the report in 2006 of 210,829 contracts. A total of 120,407 contracts were in the last week as of 6/9, with specs now net short 5,325 contracts. Of the shift, 92,863 contracts were new shorts, with longs only seeing 27,544 contracts of liquidation.
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NOAA’s 7-day QPF shows precip totals expected tor range from 1.5 to 4 inches from MO to OH, with parts of IA and WI seen with 1 to 2 inches.
Export Sales data now has the old crop export commitment total at 82.767 MMT, which is 98% of USDA’s newly updated export projection, matching the 98% average sales pace. Shipments at 64.5 MMT are 76% of the USDA number and slightly behind the 78% average shipping pace. New crop business has totaled 4.124 MMT so far this year, a 31.6% increase from the same point last year.
Jul 26 Corn closed at $4.12 3/4, up 1 cent, currently down 5 cents
Nearby Cash was $3.81 1/1, up 1 1/4 cents,
Sep 26 Corn closed at $4.20 3/4, up 3/4 cent, currently down 5 cents
Dec 26 Corn closed at $4.40 1/4, up 3/4 cent, currently down 4 3/4 cents
New Crop Cash was $3.95 1/1, up 1 1/4 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. For more information please view the Barchart Disclosure Policy here.