Corn futures are trading a penny off the overnight lows with 2 to 3 cent losses in an early Turnaround Tuesday market action. On Monday, December futures prices dropped to new lows for the year but attracted some bottom picking buying and ended the day near the highs with 10 ¾ to 13 ¾ cent gains. Preliminary open interest showed short covering in December contract, down 28,822 as the index fund roll period came to an end. Net new buying was shown for the later months, and OI was up 6,621 overall. There were also net fewer options in play after yesterday, though again Dec lost 8k puts as there was net new entries for the other contracts.Â
The weekly Inspections data showed 608,810 MT of corn was shipped during the week that ended 11/09. That was up from 575k MT last week and from 536k during the same week last year. The season’s total reached 6.161 MMT, compared to 5 MMT at the same point last year. Shipments are up 23% year/year, but need to be up ~25% to match USDA’s latest export forecast.Â
Crop Progress data from NASS issued after the close showed corn harvest advanced 7% points to 88% complete as of 11/12. That compares to 86% on average. The report showed Illinois was 95% harvested, and Iowa was 94% finished with 91% for NE.Â
The CFTC Commitment of Traders report showed spec fund managers were bearish in the week ending November 7, adding more than 24 thousand contracts to their net short during the reporting week. Index funds would typically add contracts on price weakness to maintain constant dollar exposure, but were instead pulling money out, holding the smallest corn net long since 2019.Â
Ukraine’s Ag Ministry reported 51.3 MMT as of 11/10, including 21.2 MMT of corn. That is up from 9.6 MMT last year.Â
Dec 23 Corn  closed at $4.77 1/4, up 13 1/4 cents, currently down 2 1/2 cents
Nearby Cash  was $4.51 1/4, up 13 5/8 cents,
Mar 24 Corn  closed at $4.92 3/4, up 13 3/4 cents, currently down 3 cents
May 24 Corn  closed at $5.02, up 13 1/2 cents, currently down 2 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.
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