Corn price action is up fractionally so far on Monday morning. Futures closed out the Friday session with contracts down 2 to 3 cents after early back and forth trade. December was down 3 cents last week. Preliminary open interest dopped 9,197 contracts on Friday, suggesting some longs exiting. The CmdtyView national average Cash Corn price was down 2 1/4 cents at $3.76. The harvest price for crop insurance will be found this month via the average December corn close during October. The average of the first three days is $4.19.
CFTC was suspended from Friday due to the government shutdown, with the Crop Progress report this afternoon also likely to be suspended.
Harvest likely added some pressure, as it rolled along last week with few hiccups due to weather. The next week is looking as spottier totals.
AgRural estimates the Brazilian first corn crop at 40% planted as of Thursday in the center south region. Argentina’s corn planting is estimated at 20% according to Buenos Aires Grain Exchange, up from 12% last week.
Dec 25 Corn closed at $4.19, down 2 3/4 cents, currently up 1/4 cent
Nearby Cash was $3.76, down 2 1/4 cents,
Mar 26 Corn closed at $4.35 3/4, down 2 1/4 cents, currently up 1/4 cent
May 26 Corn closed at $4.45 1/4, down 2 1/2 cents, currently up 1/4 cent
