Front month corn prices are working 1 ¾ to 2 ½ cents higher so far. May has traded within a 6 ½ cent range so far. Open interest data from CME showed a +1k contract gain across corn futures, mostly rolling from May to July with light net new selling in the back months. Corn options saw a 15k contract influx on Thursday, with 9k new calls added.
The weekly FAS data had 1.283 MMT of corn sold for the week that ended 3/7. Total corn commitments were up to 1.594 bbu. That is 27% above last year’s pace – the WASDE balance sheet has full year exports forecasted 26.4% above last year’s total.
May 24 Corn is at $4.36 3/4, up 3 cents,
Nearby Cash is at $4.11 5/8, up 3 cents,
Jul 24 Corn is at $4.49, up 2 3/4 cents,
Dec 24 Corn is at $4.70 1/2, up 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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