Corn prices are working double digits higher into the new week, coming out of the weekend. Front month corn futures ended the Friday session with 7 to 11 /12 cent losses. That left December as a net 39 1/2 cent loss for the week. Dec also took out the 7/6 low.Â
Data from the CFTC showed corn spec traders closed 24,916 of their open longs through the week of 7/19. That left the group 125,303 contracts net long. Commercial corn traders were adding new long hedges and closing short hedges for a net 35.5k contract reduction to their net short. At 375,936 contracts, that is their weakest net short since October of 2020.Â
The International Grains Council sees corn output at 1.189b MT that was 1 MMT lighter than their June estimate – citing global dryness. That is still down 31 MMT from last year. Carryout was left at 271 MMT, which is still down 14 MMT yr/yr.Â
Argentina’s BAGE reported corn harvest as 67.2% complete.Â
Weekly Export Sales data showed 33,900 MT of corn was sold during the week of 7/14. New crop bookings were 570,200 MT for the week, which was above the range of estimates. That had the forward book at 7.4 MMT. USDA reported 1.109 MMT of corn was shipped through the week. Accumulated exports reached 54.524 MMT.Â
Sep 22 Corn  closed at $5.64 1/4, down 11 1/2 cents, currently up 12 1/2 cents
Nearby Cash  was $6.49 1/2, down 11 5/8 cents,
Dec 22 Corn  closed at $5.64 1/4, down 9 1/4 cents, currently up 13 1/4 cents
Mar 23 Corn  closed at $5.71, down 9 1/4 cents, currently up 13 cents
New Crop Cash  was $5.28 3/4, down 9 3/8 cents,
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