Corn prices are showing 3 to 3 ½ cent losses on Monday morning. Futures ended the Friday session with contracts down 1 ¼ to 3 ¾ cents across the board. December fell back 9 cents lts week. The national average Cash Corn price from cmdtyView is down 2 1/2 cents at $3.83 per bu.
Friday morning’s Crop Production report showed corn yield increased by 0.2 bpa to 183.8 bpa compared to estimates of a slight reduction. That raised production by 17 mbu to 15.203 bbu. The larger output was offset by a 25 mbu increase to exports. When mixed with the 52 mbu lower carryover from 2023/24 stocks, the new crop carry dropped 58 mbu to 1.999 bbu.
On the world balance sheet, the South American numbers were left unchanged, with the world stocks down by 1.83 MMT to 306.52 MMT thanks to the US cut.
Weekly Commitment of Traders data tallied spec traders in corn futures and options cutting another 43,970 contracts from their net short as of October 8. That took their net short to the lowest since August 2023 at 23,729 contracts. Commercials were adding 35,510 contracts to their net short at 192,610 contracts on that Tuesday.
Brazil’s first corn crop was estimated at 42% planted in the center-south region as of Thursday, according to AgRural.
Dec 24 Corn closed at $4.15 3/4, down 2 3/4 cents, currently down 3 cents
Nearby Cash was $3.83, down 2 1/2 cents,
Mar 25 Corn closed at $4.33, down 3 1/4 cents, currently down 3 1/4 cents
May 25 Corn closed at $4.41 3/4, down 3 1/4 cents, currently down 3 1/4 cents
On the date of publication, Austin Schroeder 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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