Corn Popping Higher on Monday Morning

Corn price action is up 3 to 4 cents in the front months on Monday AM trade. Futures closed out the Friday session with contracts down 1 ¼ to 3 ¾ cents at the close. May settled Friday, with the weekly loss at 11 ¼ cents, as December fell 9 cents on the week. Open interest was up 5,369 contracts on Friday. The CmdtyView national average Cash Corn price was down 2 cents at $4.02 1/2.

Crude oil is back up $7.71 this morning, as risk is being put back in the market following the breakdown of US/Iran negotiations this weekend. The US is now expected to have their own blockade of the Strait of Hormuz starting this morning to try and cut off the flow of oil out of Iran. 

USDA reported a private export sale of 126,640 MT of corn to unknown destinations on Friday morning. 

Friday’s Commitment of Traders report showed 49,342 contracts cut from the managed money net long position as of April 7 to 218,632 contracts.

Export Sales data from Thursday morning showed 71.387 MMT of corn export commitments, 30% above a year ago. That is 85% of USDA’s estimate and behind the 89% average. Shipments are now 48.96 MMT, a 34% increase from the same period last year. That is 58% of the USDA forecast and 5 points ahead of the average shipping pace.

May 26 Corn  closed at $4.41, down 3 cents, currently up 3 1/4 cents

Nearby Cash  was $4.02 1/2, down 2 cents,

Jul 26 Corn  closed at $4.51 1/4, down 3 3/4 cents, currently up 3 1/2 cents

Dec 26 Corn  closed at $4.72 1/4, down 2 cents, currently up 2 3/4 cents

New Crop Cash  was $4.28 1/4, down 2 1/4 cents,