Corn prices are trading with 1 to 2 cent losses early on Monday morning. Futures closed the Friday session with contracts up 6 to 7 cents across most front months. September was up 12 ½ cents on the week. Preliminary open interest on Friday was up 10,834 contracts, indicating the short covering was limited, with some fresh longs. The CmdtyView national average Cash Corn price was $3.95, up 6 ½ cents.
Commitment of Traders data showed managed money covering some shorts in the week ending on July 15, with their net short down 29,106 contracts to 174,755 contracts. Commercials added 10,113 contracts to their net short position to 40,294 contracts.
Following some weekend rains across the Corn Belt, forecasts continue to call for totals near an inch over parts of the ECB later in the week. The Dakotas, MN, WI, and northern IA are expected to receive 1-2 and in some cases up to 4 inches in the early part of this week.
Export Sales data has both shipped and unshipped sales at 69.467 MMT, which is 99% of the current USDA forecast, lagging behind the 102% 5-year average pace. Shipments are 59.114 MMT, at 85% of the USDA numbers and behind the 88% pace.
Sep 25 Corn closed at $4.08 1/2, up 6 1/2 cents, currently down 1 3/4 cents
Nearby Cash was $3.95, up 6 1/2 cents,
Dec 25 Corn closed at $4.27 3/4, up 6 3/4 cents, currently down 2 cents
Mar 26 Corn closed at $4.44 3/4, up 6 1/2 cents, currently down 1 3/4 cents
New Crop Cash was $3.85 1/4, up 6 3/4 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.
