Red Start for Monday Corn

Corn is coming out of the weekend with overnight losses of 4 to 6 cents so far through Monday morning. Corn prices squared up for the week on Friday, ending the day fractionally mixed to a penny lower. 

The weekly CoT report showed managed money was buying corn through the week that ended 1/17, with 42k new longs added (and little adjusting from the spec shorts) their net long was back up to 192,137 contracts. Commercial corn hedgers added 38k short hedges and 9.8k long hedges for a 400,976 contract net short as of 1/17. 

Farmdoc released their preliminary corn S&Ds for 23/24. They set acreage at 92.5 million – which is 500k above the USDA baseline projections. Carryout is projected to grow in 23/24 to 2.046 bbu, from the current 1.249 bbu figure and the USDA baseline projection of 1.722 bbu. 

BAGE reduced their 22/23 corn crop outlook for Argentina to 44.5 MMT – citing the weather. 

USDA announced 1.132 MMT of corn was booked during the week that ended 1/12. That was an 8-wk high for Export Sales and was 4% above the same week last year. The accumulated commitments reached 23.128 MMT. That is down 46% from last year’s pace and was 47.3% of the USDA forecast. USDA also had 87k MT of new crop bookings, leaving the total forward sale at 1.248 MMT – down 23% from last year’s pace. 

Mar 23 Corn  closed at $6.76 1/4, down 1 cents, currently down 6 cents

Nearby Cash   was $6.79 5/8 on Friday, down 1 3/8 cents,

May 23 Corn  closed at $6.74 1/2, down 1/4 cent, currently down 6 cents

Jul 23 Corn  closed at $6.63 1/2, up 1/4 cent, currently down 5 3/4 cents