Corn Markets Red at Midday

Corn futures are off their highs through the early portion of trading the new week. Current quotes show 2 1/2 to 6 3/4 cent losses in the front months as folks position ahead of pre-Grain Stocks estimates.

USDA reported 459,420 MT of corn exports for the week that ended 9/22. That was down from the 549,476 MT shipped last week and was below the 705k MT shipped during the same week last year. MYTD corn shipments reached 1.606 MMT through 9/22. 

Weekly CFTC data showed managed money funds were 247,909 contracts net long in corn as of the 9/20 settle. That was a 7,266 contract bigger net long position, with net new buying. Commercial shorts were net new sellers during the week, extending their net short by 6.7k contracts to 461,638. That was their strongest net short since June. 

Dec 22 Corn  is at $6.70 3/4, down 6 cents,

Nearby Cash   is at $6.64 1/4, down 6 1/4 cents,

Mar 23 Corn  is at $6.75 1/4, down 6 1/2 cents,

May 23 Corn  is at $6.76, down 6 1/4 cents,