Corn Sneaking Out Gains Early on Monday Morning
Corn price action is up 2 to 2 ¼ cents to start Monday trade. Futures gave back into some weakness on Friday, as contracts were down 1 to 2 cents. Preliminary open interest was down 13,086 contracts. September was down 6 ¾ cents last week, with December slipping 5 ¼ cents. The CmdtyView national average Cash Corn price was down 1 3/4 cents at $3.65 1/2.
Commitment of Traders data showed speculators trimming 7,435 contracts from their net short position as of August 5 to 173,750 contracts. Commercials added a slight 2,417 contracts to their net short position as of Tuesday to 27,359 contracts.
Ahead of the USDA Crop Production reports next week, analysts surveyed by Bloomberg shows an average guess of 184.3 bpa for national corn yield with a wide range of 181 to 189. Production is pegged at 15.995 billion bushels, which would be up 290 mbu from last month’s WASDE total. Old crop corn stocks are estimated to be projected at 1.325 bbu, down 15 mbu from last month. New crop is expected to be up 240 mbu to 1.9 bbu.
APK-Inform estimate the 2025 Ukraine corn crop at 27.5 MMT, up 2.5 MMT from last month with the country’s deputy economy minister showing a 2 MMT increase to 28 MMT. AgRural estimates the Brazilian second corn crop at 88% harvested
Sep 25 Corn is at $3.82 3/4, down 1 3/4 cents, currently up 2 1/4 cents
Nearby Cash is at $3.65 1/2, down 1 3/4 cents,
Dec 25 Corn is at $4.05 1/2, down 1 1/2 cents, currently up 2 1/4 cents
Mar 26 Corn is at $4.23, down 1 1/2 cents, currently up 2 cents
New Crop Cash is at $3.62, down 2 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.