Corn futures are steady to down 2 ½ cents in early Monday trade. The market had a rally to close out Friday, with contracts up 7 to 10 cents, as front months are approaching $5. May was up 30 cents last week, with December 16 ¾ cents higher. Preliminary open interest was up 3,421 contracts, even as 49,841 contracts were exiting/rolling out of May. The front month CmdtyView national average Cash Corn price was up 7 1/4 cents at $4.62 3/4. The US dollar index was sharply lower and back below $100, which provided some additional support.
CFTC data from Friday afternoon showed speculators in corn futures and options trimming their net long position by 3,181 contracts in the week ending on April 8, taking it to 53,576 contracts, mainly on increased shorts. Commercials trimmed their net short position by 4,933 contracts to 331,811 contracts.
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APK-Inform estimates that the Ukraine corn crop will be up a sharp 18% from the year prior to 29.2 MMT in a release on Monday.
May 25 Corn closed at $4.90 1/4, up 7 1/4 cents, currently down 2 1/2 cents
Nearby Cash was $4.62 3/4, up 7 1/4 cents,
Jul 25 Corn closed at $4.97, up 8 1/4 cents, currently down 1 1/2 cents
Dec 25 Corn closed at $4.63 1/2, up 9 1/4 cents, currently down 1/4 cent
New Crop Cash was $4.28 1/2, up 9 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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