Corn Futures Double Digits Higher

The front month corn futures market starts the new week with double digit gains through midday. September prices are 11 1/2 cents stronger, while the other new crops are gaining 9 1/4 to 15 1/2 cents.  

The StatsCan data release shows Canadian corn output is estimated at 14.82 MMT. That compares to 13.98 MMT last season, as the trade was looking for minimal change on average. 

USDA reported weekly corn shipments were 689,052 MT from the week that ended 8/25. That was down from 821k MT last week but compares to 583k MT inspected during the same week last year. As the MY rounds out, USDA reported the weekly total corn exports at 54.6 MMT. Last year’s export program reached 66 MMT at this point. 

CFTC confirmed managed money was short covering through the week that ended 8/23, as the group expanded their net long by 28,376 contracts. Commercial traders extended their net short by nearly 44.8k contracts to 428,404 contracts. 

Sep 22 Corn  is at $6.81, up 12 1/4 cents,

Nearby Cash   is at $7.23 1/8, up 6 1/2 cents,

Dec 22 Corn  is at $6.80 1/2, up 16 1/4 cents,

Mar 23 Corn  is at $6.85 3/4, up 16 cents,

New Crop Cash   is at $6.52 7/8, up 16 3/8 cents,