Corn Pushing Higher to Kickoff New Week
The corn market is starting out the new week on a stronger note, with contracts up 1 to 4 cents. Corn posted gains of 3 to 6 cents across most contracts on Friday. After a down then up week, May closed the week with just a ¼ cent loss. New crop December was down ¾ cent. Preliminary open interest from Friday showed a rotation of ownership, up 698 contracts. There were no deliveries issued against March corn overnight. CmdtyView’s national average Cash Corn price was up 5 1/2 cents at $4.29.
CFTC Commitment of Traders data showed spec funds slashing 117,702 contracts from their net long position in the week ending on March 4, the second largest Tuesday/Tuesday bear move on record. That took their net long to 218,752 contracts
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Export Sales data has total corn export commitments at 49.567 MMT, which is up 26% from last year. That is also 80% of USDA’s current export forecast, ahead of the 77% average pace for this time of year.
Ahead of the USDA report on Tuesday, analysts are expecting to see a 24 mbu reduction to the US corn carryout projection, to 1.516 bbu.
Mar 25 Corn closed at $4.55 1/4, up 5 3/4 cents, currently unch
Nearby Cash was $4.29, up 5 1/2 cents,
May 25 Corn closed at $4.69 1/4, up 5 1/4 cents, currently up 3 3/4 cents
Dec 25 Corn closed at $4.54 1/4, up 3 1/4 cents, currently up 1 1/2 cents
New Crop Cash was $4.19 7/8, up 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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