Corn Futures Rallying Double Digits

AM corn quotes are up by double digits across both the old crop and the new crop contracts for the new week of trade. Corn futures ended the report day near their initial report marks. July closed with a 6 cent loss for the session, which flipped the board net lower for the week at -4 3/4. December was down by 10 3/4 cents for the week. The cash average prices were shown UNCH at $6.60 and $4.80 for old and new crop respectively. 

CFTC’s weekly CoT report showed the funds were liquidating positions through the week that ended 6/6. The short covering offset the long liquidation for a net 6,934 contract weaker net short of 44,492. Commercial hedgers reduced longs during the week, leaving the group at a 157,097 contract net short. 

USDA’s monthly S&D update showed a 15 mbu trim for old crop imports and another 50 mbu cut for exports. No other changes were made and stocks were lifted by the 35, matching the average of trade estimates at 1.452 bbu. New crop saw no changes aside from the 35 mbu carry-in, stocks are now figured at 2.257 bbu. 

Globally, USDA cut Argentina’s production by 2 MMT to 35, matching the trade average guess. Brazil was lifted by 2, also as expected, to offset Argentina. Global stocks were on net only 150k MT higher to 297.55 MMT. 

Jul 23 Corn  closed at $6.04 1/4, down 6 cents, currently up 11 3/4 cents

Nearby Cash   was $6.23 3/8, down 7 1/2 cents,

Sep 23 Corn  closed at $5.24 1/2, down 4 cents, currently up 11 3/4 cents

Dec 23 Corn  closed at $5.30 1/2, down 2 1/2 cents, currently up 12 1/2 cents