Midday corn futures are back in the black after trading as low as -6 cents. Futures are fractionally to 1 ¼ cents higher so far.
CFTC reported a strong liquidation from the corn specs during the week that ended 3/5. The 43k fewer contracts reduced their net long by 10.7k contracts to 11.4k contracts. The funds were 1.5k contracts more net short at 296.8k contracts after a slight positional change for the week.
StatsCan data showed farmers will plant 3.885 million acres of corn, up ~60k acres yr/yr.
The weekly Export Inspections data showed 1.122 MMT of corn was shipped during the week that ended 3/7. That was 24k MT under last week but was 100k MT more than the same week last year. Total shipments were reported at 21.81 MMT, compared to 16.36 MMT at the same time last year.
The only change for domestic corn S&Ds was a nickel worse cash average price, now at $4.75. The WAOB tightened global corn production by 2.3 MMT. USDA raised Argentina’s production by 1 MMT and left Brazil unchanged. Total global stocks were revised 2.4 MMT tighter to 319.6 MMT – compared to the average trade guess of -1.2 MMT.
May 24 Corn is at $4.41, up 1 1/4 cents,
Nearby Cash is at $4.13 1/2, up 1 1/8 cents,
Jul 24 Corn is at $4.53, up 1 1/4 cents,
Dec 24 Corn is at $4.72 1/4, up 1/4 cent,
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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