Corn futures are trading with 7 to 9 cents lower on Monday, as Bears resume selling after taking a break in Friday. Rains in the forecast heading into the middle of July and thus pollination likely encouraged the bears to be patient. Traders are looking for a 1% increase to the gd/ex ratings in this afternoon’s Crop Progress report to 69%.
Export Inspections data from this morning showed a total of 1.079 MMT (42.5 mbu) of corn shipped during the week of July 11. That was more than double the same week last year, as the solid shipping pace this year continues, and 5.37% above the week prior. Mexico continues to be the top destination, with 555,962 MT headed that way, 135,150 MT shipped to Taiwan and 119,320 MT to Japan. Accumulated shipments are 44.592 MMT (1.76 bbu) for the year, a 31.32% increase vs. the same period last year.
Friday afternoon’s CFTC report showed spec funds expanding to a record net short position in the week that ended on July 9, to 353,983 contracts. That net short grew 17,445 contracts from the week prior. Commercials were net long a record 62,665 contracts on that date.
AgRural pegged the second corn crop in the center-south region of Brazil at 74% complete as of last Thursday, still well above average.
Sep 24 Corn is at $3.92 3/4, down 9 1/4 cents,
Nearby Cash is at $3.84, down 9 cents,
Dec 24 Corn is at $4.06 3/4, down 8 cents,
Mar 25 Corn is at $4.20 1/4, down 7 3/4 cents,
New Crop Cash is at $3.69 7/8, down 9 1/4 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.
/Tesla%20Inc%20tesla%20by-%20Iv-olga%20via%20Shutterstock.jpg)
/Broadcom%20Inc%20logo%20on%20building-by%20Poetra_%20RH%20via%20Shutterstock.jpg)
