Corn Holding Higher on Monday AM Trade

Corn price action is up 1 ¾ to 2 ¼ cents in the front months so far on Monday morning. Futures rounded out the week in rally mode, as contracts were up 5 to 11 ¼ cents across the board on Friday September rallied 20 cents on the week with December up 21 ¼ cents. Open interest was up 10,138 contracts on Friday, suggesting new buying interest. The CmdtyView national average Cash Corn price was up 11 3/4 cents at $4.30.

The ProFarmer Crop Tour begins this week, with some in the trade watching to see some yield results from boots on the ground. 

Weekly CFTC data tallied managed money spec traders in corn futures and options at a net long of 166,770 contracts by 8/11. That was a 15,176 contracts reduction on the week, mainly coming from new short interest.

Export Sales data has old crop corn sales at 87.503 MMT, which is 104% of the USDA number and ahead of the last few years’ pace. Accumulated shipments are 80.066 MMT, or 95% of the USDA export projection. New crop corn sales are now down 23.5% below the same period last year at 10.575 MMT. 

AgRural estimates the Brazilian second corn crop at 85% harvested, which is still lagging the 94% average pace from last year. 

Sep 26 Corn  closed at $4.59, up 11 cents, currently up 1 3/4 cents

Nearby Cash  was $4.30, up 11 3/4 cents,

Dec 26 Corn  closed at $4.83 1/4, up 11 1/4 cents, currently up 2 cents

Mar 27 Corn  closed at $4.99, up 11 1/4 cents, currently up 2 1/4 cents

New Crop Cash  was $4.34 1/4, up 11 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.