Corn Gaps Higher on Monday Night, Now 1-2 Cents higher

Corn futures started off firmer on Monday night and are up 1 to 2 ½ cents in early Tuesday futures action. Corn closed mid-range on Friday, settling ¾ to 2 cents higher on the day.  Preliminary open interest showed active rolling of positions out of July into September, with modest short covering overall at 1,363 contracts. For the week, July was up 12 ¼ and new crop December was up 11 3/4. 

Total US corn export sale commitments are now at 90% of the USDA full year forecast at 49.277 MMT, 7% behind the normal pace for this time in the marketing year. Actual shipments are 67% of that projection, vs. the 72% average pace. For new crop, accumulated sales have totaled 2.61 MMT, which is down 5.2% from the same week a year ago. 

Commitment of Traders data showed managed money adding back 49,991 contracts to their net short in corn futures and options in the week of May 21. That took their short position back up to 121,162 contracts as of Tuesday. Commercials trimmed their net short position by 33,932 contracts by that date to 146,685 contracts.

Safras & Mercado cut their Brazilian corn production estimate by 2.8 MMT to 123.31 MMT, mainly on a cut to the second crop output.

Jul 24 Corn  closed at $4.64 3/4, up 3/4 cent, now up 2 1/2 cents

Nearby Cash  was $4.43 1/1, up 1 3/4 cents,

Sep 24 Corn  closed at $4.74 1/2, up 1 1/4 cents, now up 2 cents

Dec 24 Corn  closed at $4.88 1/4, up 1 3/4 cents, now up 1 cent

New Crop Cash  was $4.51 1/8, up 2 1/2 cents,