AM corn futures are mostly higher, but off the overnight highs on 3 1/2 cent gains. The new crop futures are fractionally lower, as Dec stayed within a -1 1/2 to +1 3/4 cent range overnight. After touching the lowest print since February ’22, Dec corn rallied back into the close and settled higher for the day. May corn was the exception, as its nickel bounce from the day’s low still had the contract 4 3/4 cents in the red at the bell. May corn is still a 38 3/4 cent premium to July, and is an 8 cent premium to May SRW wheat futures.
Preliminary open interest shows traders getting the heck out of May before delivery notices start. The preliminary May corn OI dropped to 77,812 contracts yesterday, losing 24,882 on the day. September and later contracts showed modest net new buying.
The EIA’s Weekly Petroleum report will be out with ethanol production data and stocks later this morning.
Analysts are looking for StatsCan to report 3.7m acres of 23/24 corn area in Wednesday’s report. That would be up 80k acres from last season if realized. The full range of estimates is from 3.4 to 3.8m acres.
May 23 Corn closed at $6.46 1/2, down 4 3/4 cents, currently up 3 1/2 cents
Nearby Cash was $6.39 3/4, down 1 1/8 cents,
Jul 23 Corn closed at $6.07 3/4, up 1/4 cent, currently up 1 3/4 cents
Dec 23 Corn closed at $5.48 1/4, up 3/4 cent, currently down 1/2 cents
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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