Corn Futures 1 to 2 Cents Lower Early on Monday

Corn prices initially worked higher Sunday night but are 1 to 2 cents lower this morning. On Friday, corn closed 2 to 5 1/4 cents in the black. The March contract completed the week with a 3.35% gain. 

The weekly Export Sales data showed 1.091 MMT of corn was booked during the week that ended 1/13. That was more than double the New Years week and above the range of estimates but was still 25% lighter yr/yr. Corn exports during the week were 1.3 MMT. That was a MY high. China is expected to import about 26 MMT of corn for the marketing year.  They have purchased a little over 12 MMT from the US. A major question is whether their significant purchases from the Ukraine all can be shipped or if more US origin corn will be required. 

CFTC data had managed money at 326,523 contracts net long in corn as of the 1/18 settle. That was a 17,856 contract weaker position than the week prior due to spec trader long liquidation. The commercials were also lifting hedges through the week, with a 20k contract weaker net short of 630,775. 

Mar 22 Corn  closed at $6.16 1/4, up 5 1/4 cents, down 2 ¼ this morning

Nearby Cash  was $6.02 3/8 on Friday, up 4 3/4 cents,

May 22 Corn  closed at $6.14, up 3 1/4 cents, down 2 ½ this morning

Dec 22 Corn  closed at $5.65 1/4, up 3 cents, down 1 ¼ this morning

New Crop Cash  was $5.49 5/8 on Friday, up 2 1/4 cents,