Corn Bouncing Back in Monday AM Trade
Corn price action is up 6 to 7 cents on the day. Futures fell weaker on Friday, with contracts down 2 to 3 ¼ cents on the day, as December was down 2 ¾ cents for the week. Open interest was up 8,943 contracts. The CmdtyView national average Cash Corn price was down 3 cents at $4.82 1/4. Pressure came from double digit weakness in the beans and wheat, as well as losses in crude oil.
Commitment of Traders data from CFTC showed managed money adding back 1,671 contracts to their net long position in corn futures and options. As of September 15 their net long position was 426,842 contracts
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Heading into the meeting with President Trump and China’s President Xi this week, the export wire has been quiet on any corn sales to China. Secretary Bessent met with Chinese Counterparts over the weekend in preparation for the meeting.
Brazil’s first corn crop was estimated at 27% planted as of Thursday according to AgRural, which is ahead of the 25% pace from last year.
Dec 26 Corn closed at $5.27 1/2, down 3 cents, currently up 6 1/2 cents
Nearby Cash was $4.82 1/4, down 3 cents,
Mar 27 Corn closed at $5.41 1/2, down 3 cents, currently up 6 1/4 cents
May 27 Corn closed at $5.48 1/4, down 2 1/2 cents, currently up 6 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.
