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Corn Jul '24 (ZCN24)
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Corn Futures Market News and Commentary

Sub-$4 Corn!

The lead month corn contract closed below the $4 mark on Friday for the first time since the fall of 2020. March options also expired on the day with up to 9k $4 puts converted to futures. The other front months were 3 ¾ to 5 cents lower for the week and a net 16 (May) to 9 (Dec) cents weaker for the week. 

Weekly Commitment of Traders data showed corn specs added 16k new shorts with 10.5k fewer longs which left their net short at 340.7k contracts for 2/20. That is a new record net short for the group going back to 2006. Commercial corn hedgers added longs during the week, taking their net long to 58,342 contracts from 40.2k last week. 

The weekly Export Sales data showed 820k MT of corn was sold during the week that ended 2/15. Traders were looking for at least 700k MT. USDA had commitments at 37 MMT, or 30% ahead of last year’s pace. 

EIA data showed ethanol output increased 1k bpd to 1.084 million barrels per day through the week that ended 2/16. Ethanol stocks... 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
$1,430/1,300
First Notice Date
06/28/24 (126 days)
Expiration Date
07/12/24 (140 days)

Seasonal Chart

Corn Jul '24
Average Price Chart for 5 Prior Jul Contracts

Commitment of Traders Positions as of Feb 20, 2024

View Chart Details
Commercials - Long / Short
738,256 (+7,278)
455,788 (-11,686)
Non-Commercials - Long / Short
282,549 (+1,335)
548,616 (+21,463)
Producers - Long / Short
467,638 (+8,642)
419,038 (-11,488)
Swap Dealers - Long / Short
240,941 (-2,238)
7,073 (-1,072)
Managed Money - Long / Short
169,844 (-7,260)
498,428 (+16,321)
Other Reportables - Long / Short
112,705 (+8,595)
50,188 (+5,142)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
424-2 +0.47%
on 02/23/24
471-0 -9.50%
on 01/25/24
-39-6 (-8.53%)
since 01/23/24
3-Month
424-2 +0.47%
on 02/23/24
512-4 -16.83%
on 12/06/23
-81-6 (-16.09%)
since 11/22/23
52-Week
424-2 +0.47%
on 02/23/24
635-0 -32.87%
on 06/21/23
-173-0 (-28.87%)
since 02/23/23

More Corn Quotes

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Sub-$4 Corn!

The lead month corn contract closed below the $4 mark on Friday for the first time since the fall of 2020. March options also expired on the day with up to 9k $4 puts converted to futures. The other front...

ZCH24 : 399-6s (-1.54%)
ZCPAUS.CM : 3.8146 (-1.57%)
ZCK24 : 413-4s (-1.19%)
ZCN24 : 426-2s (-1.04%)
Beans Close Red on Friday

Soybean futures fell by as much as 14 ¾ cents across the front months on the last trade day of the week. March beans finished at a new contract low and the lowest mark for the lead month since the fall...

ZMK24 : 328.0s (-1.03%)
ZLK24 : 44.60s (-0.45%)
ZSH24 : 1133-0s (-1.29%)
ZSPAUS.CM : 10.8149 (-1.34%)
ZSK24 : 1141-6s (-0.93%)
ZSN24 : 1151-2s (-0.82%)
Wheat Maintains Weekly Gain Despite Friday Pullback

Wheat futures faded into the weekend, but held onto a weekly gain. Chicago futures were down by as much as a dime on Friday, though March was still up by 13 cents vs last Friday. KC wheat futures dropped...

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Introduction to CME Group Calendar Spread Options on Grains and Oilseed Products

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Pure Hedge - Livestock and Grain

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Double Digit Losses for Soybeans

Front month beans are trading 11 ½ to 16 ½ cents in the red pushing the March contract to new LoC lows. New crop beans are firmer with 4 to 6 ½ cent losses so far. The March/Nov spread has tightened...

ZMK24 : 328.0s (-1.03%)
ZLK24 : 44.60s (-0.45%)
ZSH24 : 1133-0s (-1.29%)
ZSPAUS.CM : 10.8149 (-1.34%)
ZSK24 : 1141-6s (-0.93%)
ZSN24 : 1151-2s (-0.82%)
Corn Pushing to New Lows

Friday’s corn market is another 4 to 6 ½ cents weaker with the lead month sub-$4 for the first time since fall of 2020. The weekly Export Sales data showed 820k MT of corn was sold during the week...

ZCH24 : 399-6s (-1.54%)
ZCPAUS.CM : 3.8146 (-1.57%)
ZCK24 : 413-4s (-1.19%)
ZCN24 : 426-2s (-1.04%)
Groundhog Day

It's beginning to feel a lot like Groundhog Day as grains continue to bleed lower following another disappointing weekly export sales report. Is there any hope?

Barchart Trading Guide

The Barchart Trading Guide is a Sell Signal with a Maximum Signal Strength.

Key Turning Points

3rd Resistance Point 441-7
2nd Resistance Point 437-7
1st Resistance Point 432-1
Last Price 426-2s
1st Support Level 422-3
2nd Support Level 418-3
3rd Support Level 412-5

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52-Week High 635-0
Fibonacci 61.8% 554-4
Fibonacci 50% 529-5
Fibonacci 38.2% 504-6
Last Price 426-2s
52-Week Low 424-2

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