Corn Reverting to Higher Trade on Monday AM
Corn prices are starting off the Monday session with sharp 6 to 7 cent gains. Futures rounded out the Friday session with losses of 2 to 4 ¼ cents and near the session lows. December was down 11 ½ cents on the week. The national average Cash Corn price from cmdtyView is down 3 ½ cents at $3.68 ¼ per bu.
Commitment of Trader data showed specs in corn futures and options adding back just 2,680 contracts to their net short position as of September 17 to 134,814 contracts. Commercials were peeling back their net short position by 5,121 contracts to 102,228 contracts.
Thursday morning's Export Sales report indicated total export sale commitments for corn are now at 14.209 MMT, 21% larger than the same week last year. That is 24% of the USDA export projection, compared to the 30% average booking pace.
The Buenos Aires Grain Exchange pegged the Argentina corn crop at 7.1% planted, near the average pace.
Dec 24 Corn closed at $4.01 3/4, down 4 cents, currently up 6 3/4 cents
Nearby Cash was $3.68 1/4, down 3 1/2 cents,
Mar 25 Corn closed at $4.20, down 4 1/4 cents, currently up 6 1/4 cents
May 25 Corn closed at $4.31, down 4 1/4 cents, currently to 6 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.