Corn Leaking Lower Ahead of USDA Reports
Corn futures are down ½ to 1 ½ cents so far on Monday morning. The market closed the Friday session with contracts up 2 to 4 cents in the front months, with December down 1 ¼ cents. Preliminary open interest was down 7,453 contracts, mainly on a 23,348 contract drop in the May. May was down 11 cents on the week, with December slipping 8 ½ cents. The CmdtyView national average Cash Corn price was up 3 ½ cents on the day at $4.18 1/2.
Weekly Commitment of Traders data showed managed money in corn futures and options cutting back another 32,663 contracts from their net long position in the week of 3/25. The net long was just 74,607 contracts as of Tuesday. Commercials saw shorts exiting, with the net short down 55,755 contracts to 369,005 contracts.
Grain Stocks data will be out later this morning, with the trade looking for 8.153 bbu of corn on hand as of March 1 according to a Bloomberg survey. Corn acreage is estimated at 94.4 MMT ahead of the Prospective Plantings report, with a range of 92.5 to 96.6 million acres.
May 25 Corn closed at $4.53 1/4, up 3 1/4 cents, currently down 1 ½ cents
Nearby Cash was $4.20 1/2, up 3 1/2 cents,
Jul 25 Corn closed at $4.60, up 2 cents, currently down 1 cent
Dec 25 Corn closed at $4.42 1/2, down 1 1/4 cents, currently down ½ cent
New Crop Cash was $4.06 5/8, down 1 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.