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Corn Jul '23 (ZCN23)
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Corn Futures Market News and Commentary

Double Digit Friday Gains in Corn

After a highly contested week the corn market finished in the black. Aided by double digit gains on Friday, July was up a nickel for the week and Dec up by 6 3/4 cents from Friday to Friday. USDA cited the weekly cash ethanol price near $2.38/gal with regional variance. DDGS were mostly weaker through the week, from -$25/ton to +$5/ton. Quotes were mostly $200-$240 depending on the region. The cash corn oil market was within 2 cents/lb of last week from 55 to 57 cents/lb.  

The weekly CoT report had managed money corn traders short covering through the week that ended 5/30. The spec short paper dropped 17.5%, but the group was still 51k contracts net short at the settle. Commercial corn hedgers added new shorts through the week, expanding their net short by 46k contracts to 148k. 

USDA’s FAS reported 186,695 MT of corn was sold for export during the week that ended 5/25. That was inline with the estimated range. That was led by 172k MT for Mexico. Old crop commitments we... Read more

Contract Specifications

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Contract
Corn
Contract Size
5,000 bushels
Tick Size
1/4 cent per bushel ($12.50 per contract)
Trading Hours
7:00p.m. - 7:45a.m. and 8:30a.m. - 1:20p.m. (Settles 1:15p.m.) (Sun-Fri) CST
Exchange
CBOT
Point Value
$50
Margin/Maintenance
$1,870/1,700
First Notice Date
06/30/23 (27 days)
Expiration Date
07/14/23 (41 days)

Seasonal Chart

Corn Jul '23
Average Price Chart for 5 Prior Jul Contracts

Commitment of Traders Positions as of May 30, 2023

View Chart Details
Commercials - Long / Short
685,222 (+2,336)
613,012 (+45,958)
Non-Commercials - Long / Short
274,956 (-7,924)
295,363 (-49,784)
Producers - Long / Short
399,553 (-3,558)
572,169 (+39,721)
Swap Dealers - Long / Short
261,381 (+2,419)
16,555 (+2,762)
Managed Money - Long / Short
176,111 (+3,182)
222,957 (-47,621)
Other Reportables - Long / Short
98,845 (-11,106)
72,406 (-2,163)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
547-0 +11.33%
on 05/18/23
610-4 -0.25%
on 06/02/23
+29-0 (+5.00%)
since 05/02/23
3-Month
547-0 +11.33%
on 05/18/23
647-4 -5.95%
on 04/18/23
-15-0 (-2.40%)
since 03/02/23
52-Week
547-0 +11.33%
on 05/18/23
747-2 -18.50%
on 06/17/22
-88-0 (-12.63%)
since 06/02/22

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ZSN23 : 1352-4s (+1.73%)
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July SRW wheat saw a wide 20 cent range on Friday from -8 to +12 cents. At the close the board was 8 to 9 cents higher with July at a net 3c gain for the week. Front month HRW futures ended the session...

ZWN23 : 619-0s (+1.35%)
ZWU23 : 632-2s (+1.28%)
ZWPAES.CM : 5.6821 (+1.57%)
KEN23 : 812-2s (+1.21%)
KEPAWS.CM : 7.7344 (+1.10%)
MWN23 : 807-6s (+2.38%)
Soymeal Missed Out on Friday Rally

Most ag markets saw strength into the weekend, though meal futures were down $1.70 to $3.60 for the settle. July soymeal was down a net $4.40 for the week. Soybean prices ended the session with double...

ZSN23 : 1352-4s (+1.73%)
ZSPAUS.CM : 13.2261 (+1.59%)
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Double Digit Friday Gains in Corn

After a highly contested week the corn market finished in the black. Aided by double digit gains on Friday, July was up a nickel for the week and Dec up by 6 3/4 cents from Friday to Friday. USDA cited...

ZCN23 : 609-0s (+2.78%)
ZCPAUS.CM : 6.3942 (+2.41%)
ZCU23 : 535-4s (+2.15%)
ZCZ23 : 541-2s (+2.12%)
Livestock Report

Cattle and Hogs rock

How the Alberta fires have affected some commodities

Jim Roemer's video explains the causal relationship between these drought-driven fires and their impact on certain crops

SBN23 : 24.73s (-0.60%)
CTZ23 : 81.85s (+0.33%)
ZSX23 : 1183-6s (+1.26%)
ZCZ23 : 541-2s (+2.12%)
ZWN23 : 619-0s (+1.35%)
KEN23 : 812-2s (+1.21%)
NGN23 : 2.172s (+0.65%)
Grain markets had an impressive rally to round out the week, here's how things shook out at the close.

Some of today’s strength may have come on the back of weather premium working its way back into the market ahead of the weekend. Many top producing states have been hot and try and some forecasts show...

Shootin' the Bull about short squeeze

In my opinion, the short squeeze on retail grocers, packers and feed yards is believed to have popped this week as cash traded higher and futures sharply higher.  The anticipated slowing of consumer demand...

Barchart Trading Guide

The Barchart Trading Guide is a Buy Signal with a Soft Signal Strength.

Key Turning Points

3rd Resistance Point 648-4
2nd Resistance Point 629-4
1st Resistance Point 619-2
Last Price 609-0s
1st Support Level 590-0
2nd Support Level 571-0
3rd Support Level 560-6

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52-Week High 747-2
Fibonacci 61.8% 670-6
Fibonacci 50% 647-1
Fibonacci 38.2% 623-4
Last Price 609-0s
52-Week Low 547-0

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