The corn market is 2 to 3 cents higher at midday, led by old crop July. Trade ideas for this afternoon’s Crop Progress report anticipate 95-96% of the US crop will be planted, and recognize that a good percentage of the remainder is intended for silage rather than grain. Condition ratings ideas are running close to UNCH vs. last week.
Friday afternoon’s Commitment of Traders report showed the managed money spec funds increased their net short in corn by 79,230 contracts during the week ending June 4, increasing it to a larger than anticipated 212,706 contracts for combined futures and options.
This morning’s Export Inspections report showed 1.340 MMTs of corn were inspected in the week ending June 6. That was down from 1.416 MMT a week ago, but up from 1.17 MMT the same week in 2023.
Industry surveys ahead of Wednesday’s USDA WASDE supply/demand report anticipate the government will show old crop ending stocks of 2.009 billion bushels and 2024/25 ending stocks of 2.079 billion bushels (Reuters) or 2.087 billion (Bloomberg). Both would be lower than the May numbers if realized.
Jul 24 Corn is at $4.52, up 3 1/4 cents,
Nearby Cash is at $4.35 1/2, up 3 3/8 cents,
Sep 24 Corn is at $4.57 1/4, up 2 1/2 cents,
Dec 24 Corn is at $4.69 1/4, up 2 cents,
New Crop Cash is at $4.33 1/1, up 2 3/8 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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