Corn Pit Jul '24 (CN24)
Corn (Pit) Futures Market News and Commentary
Corn prices are showing 13 to 16 gains early on Monday morning. Futures closed the Friday session with contracts falling 7 to 11 ¾ cents as July ended with losses of 15 ½ cents on the week. December was 12 ½ cents lower last week. Open interest was down 13,481 contracts, suggesting some long were coming off the table. The CmdtyView national average Cash Corn price was down 11 cents to $4.16 3/4.
On Sunday, the White House released a fact sheet on the US/China talks from last week, in part stating that “China will purchase at least $17 billion per year of U.S. agricultural products in 2026 (prorated), 2027, and 2028, in addition to the soybean purchase commitments that it made in October 2025.”
The weekly CFTC update from Friday showed managed money paring back their net long by 44,442 contracts in the week ending on 5/12. That took their net long position in corn futures and options to 299,483 contracts.
Export Sales data showed total corn commitments at 77.748 M... Read more
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