Preliminary OI confirmed December corn’s bounce was short covering, with 5,896 contracts taken out of the market. Overall OI was down by 12,955 across all contracts. Corn options were added however, with 11.5k new in play – +3k July calls, +6.7k Sep calls, and +1.1k Dec puts were the most popular. Current futures are working 2 to 5 cents higher as the begin the last trade day of the week. The old crop corn market worked another 6 1/4 cents lower in July on Thursday. New crop futures were 1 1/4 to 1 3/4 cents higher on the day, with Dec having printed a wide 11 3/4 cent range.
USDA’s weekly Export Sales report showed net cancelations of 339k MT for old crop corn. That was mainly via China, though Japan and Colombia were net buyers. That reduced the old crop commitments to 1.5 bbu, or 84% of the updated WASDE number. For new crop, USDA reported 74k MT of sales for a 2.7 MMT forward book. That is 48% behind last year’s forward sales pace compared to an 18% WASDE expected increase.
Jul 23 Corn closed at $5.55 1/4, down 6 1/4 cents, currently up 2 3/4 cents
Nearby Cash was $5.87 3/4, down 6 cents,
Sep 23 Corn closed at $4.95 1/2, down 1 1/2 cents, currently up 5 3/4 cents
Dec 23 Corn closed at $5.00 3/4, up 1 3/4 cents, currently up 6 1/4 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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