Corn price action is 1 to 2 cents lower on Monday morning. Futures closed out the Friday session with contracts 2 to 3 cents in the red as forecasts remain wet. September was down 9 cents on the week. Preliminary open interest suggested net new selling, up 19,204 contracts on Friday. The CmdtyView national average new crop Cash Corn price was down 2 1/4 cents at $3.77 As we round out July and start August, rain is expected to make its way from the northern Plains most of the Eastern Corn Belt in the next week, with 1 to 2 inches.
CFTC data from Friday afternoon showed a total of 2,610 contracts added back to the net short in the managed money position as of July 22 to 177,365 contracts.
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Weekly Export Sales data has total corn export commitments at 70.110 MMT, which is above the USDA estimate for the full year and compared to the 102% average pace by now. Exports are now 60.172 MMT, or 86% of the USDA number and behind the 89% average.
Over the weekend, President Milei of Argentina announced a reduction in the export tax for corn back to 9.5%, from 12%. AgRural estimates the Brazilian second corn crop at 68% harvested as of Thursday, shy of the 91% complete from the same week last year..
Sep 25 Corn closed at $3.99 1/2, down 2 1/4 cents, currently down 1 1/4 cents
Nearby Cash was $3.84 1/1, down 3 cents,
Dec 25 Corn closed at $4.19, down 1 3/4 cents, currently down 1 1/2 cents
Mar 26 Corn closed at $4.36 1/2, down 1 3/4 cents, currently down 2 cents
New Crop Cash was $3.77, down 2 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
