AM corn prices are trading near the overnight lows with 6 cent losses in the new crop and a dime weaker July contract as we venture into midweek. Corn backed off from the early session strength, and July flipped negative for the day. The old crop contract saw a 14 1/4 cent range on the day, from +6 3/4 to -6 3/4 before ending with a 4 3/4 cent loss. Longs were liquidating July positions on the last day of the index roll period, dropping 32,544 contracts. About half (16,823) were rolled to September. Preliminary OI overall was down only 1,262 contracts. The new crop futures had slipped 8 cents from their intra-day highs as well, but were up by 1 3/4 to 2 1/2 cents for the close.
EIA’s weekly Petroleum Report will be released later this morning with ethanol production data for the week that ended 6/9. The EIA’s RFS standards were finalized through 2025, with the official announcement slated for June 21st.
Algeria is on the market for 140k MT of optional origin corn. Iran is tendering for 120k MT of corn.
Jul 23 Corn closed at $6.12 1/2, down 4 3/4 cents, currently down 10 1/4 cents
Nearby Cash was $6.34 1/1, down 3 5/8 cents,
Sep 23 Corn closed at $5.46, up 2 1/2 cents, currently down 6 cents
Dec 23 Corn closed at $5.51 1/4, up 2 cents, currently down 6 3/4 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.
/Super%20Micro%20Computer%20Inc%20logo%20on%20building-by%20Poetra_RH%20via%20Shutterstock.jpg)
