Corn price action is down 2 to 3 cents in most contracts on Monday morning trade. Futures saw continued long liquidation heading onto the weekend, with contacts down another 2 ¼ to 7 cents. July was down 29 ½ cents on the week(-45 cents in 2 weeks), with December falling 29 cents. Open interest suggested net new selling, up 9,025 contracts on Friday, despite the Goldman Roll starting with July down 31,039 contracts and September up 7,685 contracts. The CmdtyView national average Cash Corn price was down 6 3/4 cents at $3.83 1/4.
CFTC’s Commitment of Traders report showed managed money at a net long of 115,082 contracts on Tuesday, June 2 (20 cents ago). That was a reduction of 90,422 contracts on that week. Much of that was via longs exiting (-63,160), with shorts coming in moderation (+27,262 contracts)
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Weekly Export Sales data has the US corn export commitments at 81.766 MMT, up 26% from the same week last year. That is 98% of the USDA export projection and ahead of the average sales pace of 97%. Shipments at 62.58 MMT are now 75% of USDA’s estimate and matching the average pace.
Brazil’s second crop corn harvest is estimated at 4.4% complete according to AgRural, with their second crop estimate at 108.2 MMT, a 0.9 MMT drop from their previous number.
Jul 26 Corn closed at $4.17 1/2, down 7 cents, currently down 2 ½ cents
Nearby Cash was $3.83 1/4, down 6 3/4 cents,
Sep 26 Corn closed at $4.27, down 5 3/4 cents, currently down 2 ½ cents
Dec 26 Corn closed at $4.46, down 5 3/4 cents, currently down 2 cents
New Crop Cash was $4.00, down 5 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.