Corn is starting off Monday with 2 to 4 cent lower trade so far. Futures closed last week with Friday losses of 2 to 5 cents across most front months. Despite the Friday weakness, May saw a 5 ¾ cent gain on the week. New crop held steady, as the trade range narrows ahead of the Prospective Plantings report on the 31st, with just a 7 ¾ cent range on the week. Preliminary open interest was up 19,601 contracts on Friday. The CmdtyView national average Cash Corn price was back down 4 ¼ cents on Friday at $4.29 ¾.
Weekly Commitment of Traders data showed the managed money crowd in corn futures and options peeling back their net long position in the week of 3/18 by 39,271 contracts. The net long was just 107,270 contracts as of Tuesday, vs. the 364,217 position at the beginning of February. Commercials saw shorts were exiting, with the net short down 38,690 contracts to 422,760 contracts.
With the second crop corn in Brazil just finishing off planting, AgRural estimates the safrinha crop at 87.9 MMT. That is steady with their prior number, though they did issue convers due to irregular rainfall.
May 25 Corn closed at $4.64 1/4, down 4 3/4 cents, currently down 3 cents
Nearby Cash was $4.29 3/4, down 4 1/4 cents,
Jul 25 Corn closed at $4.71 1/2, down 4 cents, currently down 2 3/4 cents
Dec 25 Corn closed at $4.51, down 2 cents, currently down 2 1/2 cents
New Crop Cash was $4.14 3/4, down 2 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.
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