After last week’s strength, the corn market is starting off Monday trade with midday losses of 1 to 3 cents so far, with outside pressure and a weaker wheat market spilling over. The national average Cash Corn price from cmdtyView is down 1 ½ cents at $4.03 per bu. The Outside factors are in play today, with crude oil down $2.22/barrel and the US dollar index up 555 points.
Export Inspections and Crop Progress data will be delayed to Tuesday due to Veterans Day to start the week.
CFTC data from after the close showed spec funds in corn futures and options flipping to a net long of 22,043 contracts in the week that ended on November 5. That was a move of 39,746 contracts to the long side and the first net long for the managed money crowd since August 2023. Commercials were adding to their net short position by 24,794 contracts to the largest since June 2023 at -242,949 contracts.
Brazil’s first corn crop was pegged at 72% planted as of last Thursday according to AgRural.
Dec 24 Corn is at $4.29 1/4, down 1 3/4 cents,
Nearby Cash is at $4.03, down 1 1/2 cents,
Mar 25 Corn is at $4.41 1/2, down 2 3/4 cents,
May 25 Corn is at $4.48 1/2, down 3 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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