Corn Retreating Early on Monday

Corn price action is falling 12 to 14 cents early on Monday morning, pressured by an improving weather forecast and $6.07 losses in the crude oil. Futures were weak early on, but pulled more than 8 cents off the lows in the front months to close fractionally mixed. Open interest was down 10,536 contracts, mainly in the September (-19,494). Some deferreds were down as much as 1 ¼. September was still up 19 ½ cents on the week, with December 20 cents higher. The CmdtyView national average Cash Corn price was up 1/4 cent at $4.34.

The NOAA 7-day QPF shows 1 to 2 inches across much of the Corn Belt from NE across much of IA, MO, IL, and IN over in the next week. The Dakotas and MN are seen with less than 0.5 inch, and spotty totals up to an inch.

The Brazilian second corn crop was listed at 60% harvested in the center south region, according to AgRural.

CFTC data released on Friday afternoon showed managed money adding to their net long in corn futures and options in the week of July 21, adding 49,518 contracts, mainly on more short covering. The net long was at 92,909 contracts as of Tuesday.

Export Sales data released on Thursday showed total corn commitments now at 86.613 MMT, which is 103% of the USDA export projection and ahead of the 101% from the last 3 years. Sales for new crop are now accumulated at 7.56 MMT, which is 12.5% ahead of the same period last year. 

Sep 26 Corn  closed at $4.64 1/4, up 1/4 cent, currently down 12 3/4 cents

Nearby Cash  was $4.34 1/1, up 1/4 cent,

Dec 26 Corn  closed at $4.87 1/2, unch, currently down 13 3/4 cents

Mar 27 Corn  closed at $5.03, unch, currently down 13 3/4 cents

New Crop Cash  was $4.38 3/4, up 1/4 cent,