Corn Slipping Lower Early on Monday

Corn price action is showing fractional losses on Monday morning coming out of Easter weekend, though they are ~3 cents off overnight lows. Futures headed into the long weekend, with some front month weakness as money was being taken off the table. Old crop contracts were fractionally to 2 cents lower, as new crop was steady to fractionally higher. Open interest was up 12,719 contracts on Thursday. May was down 9 ¾ cents last week, with December dropping 9 cents. The CmdtyView national average Cash Corn price was down 2 1/4 cent at $4.12 1/2.  

Export Sales data from Thursday morning showed 1.15 MMT for old crop business in the week ending on 3/26. That was down 5.6% from last week and 2% below the same period last year. Mexico was the top buyer of 170,700 MT, with Japan purchasing 168,800 MT and 150,900 MT in sales to Taiwan. New crop business was tallied at 102,609 MT, all to Mexico. 

Commitments of all corn sales since September 1 are now at 70.025 MMT, as of 3/26, up 29% from a year ago. That is 84% of the USDA export projection, behind the 87% average pace. Actual shipments are running head of the 50% average pace at 56% of the USDA number, at 47.132 MMT.

Friday’s Commitment of Traders report showed 16,574 contracts trimmed from the managed money net long position as of March 31 to 267,974 contracts. 

May 26 Corn  closed at $4.52 1/4, down 2 cents, currently down 1/2 cent

Nearby Cash  was $4.12 1/2, down 2 1/4 cents,

Jul 26 Corn  closed at $4.63 1/4, down 1 3/4 cents, currently down 1/2 cent

Dec 26 Corn  closed at $4.81 1/4, unch, currently down 1/2 cent

New Crop Cash  was $4.38 3/4, down 0 cent,