Corn is falling back in early Monday trade, down 7 to 8 cents so far. Futures closed the Friday session mixed, with front months down ½ to 2 cents and deferred contracts for the 2027 crop steady to a penny higher. July options expired today, with first notice day on Tuesday. July futures were down 4 ¾ cents last week, with December down 2 ½ cents. The CmdtyView national average Cash Corn price was 1 3/4 cents lower at $3.85 1/4.
The updated 7-day QPF from NOAA showed 1 to 3 inches of rain over the next week, mainly in the Eastern half of the Dakotas, MN, eastern NE through the northwest half of IA and Wi. The south east portion of IA, MO, and the ECB remain dry in the next week.
CFTC data showed managed money adding another 23,264 contracts to their net short position in corn futures and options the week ending on June 23. That came via new short interest, with the outright shorts up 37,052 contracts.
Acreage data will be updated on Tuesday from NASS, with traders looking for 95.1 million corn acres according to a Bloomberg survey.
Brazil’s second corn crop was estimated at 22% harvested according to AgRural
Jul 26 Corn closed at $4.12 3/4, down 2 cents, currently down 7 1/4 cents
Nearby Cash was $3.85 1/4, down 1 3/4 cents,
Sep 26 Corn closed at $4.21 3/4, down 2 1/2 cents, currently down 7 3/4 cents
Dec 26 Corn closed at $4.41 1/2, down 1 1/2 cents, currently down 7 3/4 cents
New Crop Cash was $3.97 7/8, down 2 cents,
