Corn is trading with 1 to 3 cent losses as the market resumes from the three day weekend. Spillover weakness is from the wheat market. Futures fell back from the weekly strength on Friday, as the tariff news gave the bulls an excuse to take some money off the table ahead of the three-day weekend. Contracts were down 2 to 4 cents, as July was up 16 cents last week, and December rallies 15 ¼ cents. The front month CmdtyView national average Cash Corn price was down 3 1/2 cents at $4.33 3/4.
CFTC Commitment of Traders data indicated speculators in corn futures and options adding 18,234 contracts to their net short position as of May 20. That took their fresh short position to 103,210 contracts as of Tuesday.
Don’t Miss a Day: From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis.
After the Friday threat of June 1 tariffs of 50% on EU goods, President Trump spoke with the EU president over the weekend. Following the call, the potential tariff deadline was pushed back to July 9 to give time for negotiations.
AgRural estimates the Brazilian second corn crop 0.9% harvested in the Mato Grosso and Parana states, which lags the 2% early pace from last year. Datagro estimates the overall crop total at 132.7 MMT, up 1 MMT from the previous number.
Jul 25 Corn closed at $4.59 1/2, down 3 1/2 cents, currently down 1 cent
Nearby Cash was $4.33 3/4, down 3 1/2 cents,
Sep 25 Corn closed at $4.37 3/4, down 3 1/4 cents, currently down 2 1/4 cents
Dec 25 Corn closed at $4.50 3/4, down 2 1/2 cents, currently down 2 1/2 cents
New Crop Cash was $4.09 1/2, down 3 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
