Corn price action is down 1 to 3 cents early on Monday morning. Futures eased back lower into the weekend, closing Friday with contracts steady to 5 cents lower led by the nearbys. Front month May was down 3 ½ cents last week. Open interest was up 6,554 contracts on Friday. The CmdtyView national average Cash Corn price was down 5 cents to $4.19 1/2.
Export Sales data from Thursday tallied old crop corn commitments at 68.875 MMT, a 30% improvement from last year. That is now 82% of the USDA export projection and is behind the average pace of 86%.
Commitment of Traders data showed a total of 55,744 contracts added to the managed money net long position in corn futures and options as of Marc 24. That took the total to 284,548 contracts. Commercials added 45,429 contracts to their net short position to 567,545 contracts.
Ahead of the USDA March Intentions report on Tuesday, traders are looking for 94.37 million acres of corn to be reported by NASS. That would be a 4.4 million decline from last year if realized. Grain Stocks data is expected to be tallied at 9.104 billion bushels for March 1, which would be up 957 million bushels from a year ago if realized.
AgRural estimates the Brazil second crop corn now at 99% planted as of Thursday, while they trimmed their production total by 0.5 MMT to 135.7 MMT.
May 26 Corn closed at $4.62, down 5 cents, currently down 1 3/4 cents
Nearby Cash was $4.19 1/2, down 5 cents,
Jul 26 Corn closed at $4.73 1/2, down 4 1/2 cents, currently down 2 cents
Dec 26 Corn closed at $4.90 1/4, down 4 1/4 cents, currently down 2 3/4 cents
New Crop Cash was $4.48 7/8, 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. For more information please view the Barchart Disclosure Policy here.
