Corn Holding Higher at Monday’s Midday
Corn futures are holding onto the overnight gains at Monday’s midday, with contracts up 4 to 5 cents so far. The CmdtyView national average Cash Corn price is 4 cents higher at $4.12 1/2.
Updated forecasts from the NOAA 7-day QPF shows little to no precipitation for an area ranging from the Dakotas, south through KS, as well as much of MN, IA, IL, and MO, with trace totals in OH and IN.
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The weekly Export Inspections report showed corn shipments of 1.54 MMT (60.6 mbu) in the week of 7/9. That was an 11.26% drop from the week prior but 17.15% above the same week last year. Mexico was the largest destination of 400,015 MT, with 300,620 MT shipped to Japan and 204,633 MT to Vietnam. Shipments for the marketing year are now at 72.21 MMT (2.843 bbu) of corn, which is 24.85% above the same period last year.
CFTC data released on Friday afternoon showed managed money flipping back to a net long in corn futures and options in the week of July 7, mainly on short covering. That flip was by 58,868 contracts to a net long of 12,659 contracts.
Jul 26 Corn is at $4.42, up 4 cents,
Nearby Cash is at $4.12 1/2, up 4 cents,
Sep 26 Corn is at $4.43 1/2, up 4 cents,
Dec 26 Corn is at $4.65 3/4, up 4 3/4 cents,
New Crop Cash is at $4.16 3/4, up 4 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.
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