Corn Starting Off Monday with Losses

Corn prices are down 3 to 3 ½ cents so far on Monday morning. Futures rounded out Friday trade with contracts mixed within a penny of unchanged. December was still weaker last week, dropping 6 cents from last Friday. Preliminary open interest was up 9,133 contracts on Friday. The CmdtyView national average Cash Corn price was up ¼ cent at $3.80 1/2.

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The Friday afternoon CFTC Commitment of Traders release showed a total of 19,878 contracts cut from the spec fund net short position as of September 16th to 80,051 contracts. Commercials did see an increase to their net short position by 15,920 contracts, to 108,290 contracts by Tuesday.

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USDA’s Export Sales report now has total corn commitments at 23.833 MMT, which is up 68% from last year and the second largest for that week on record. That is also 32% of the USDA export forecast compared to the 29% average pace.

Brazil’s first corn crop is 25% planted as of last Thursday in the Center-South region according to AgRural

Dec 25 Corn  closed at $4.24, up 1/4 cent, currently down 3 1/4 cents

Nearby Cash  was $3.80 1/2, up 1/4 cent,

Mar 26 Corn  closed at $4.41 1/4, down 1/4 cent, currently down 3 cents

May 26 Corn  closed at $4.51, down 1/2 cent, currently down 3 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

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