Corn is trading 4 cents higher so far on Tuesday morning. The market was closed on Monday for President’s Day. Corn managed a mixed close going into the weekend. The March and May ended the day in the red, leaving March with a net 12 ½ cent loss for the week and new contract lows. The new crop contracts held onto gains for the day, though Dec was still down a net 9 ½ cents for the week.
Dalian Corn Prices were 14 to 17 yuan/MT (~6 cents/bu) weaker on Monday after the Lunar New Year break, while the Chicago Board of Trade was closed. Their May contract increased 35k contracts of OI, though March was down by 11.4k. The March contract settled at 2,355 yuan (~$8.31/bu).
According to the BAGE, Argentine crop conditions declined last week despite recent shower activity. Such a drop is not uncommon in the US between July and the end of August. They rated 27% of their crop as G/Ex, down 4% from the previous week, with 17% poor/VP. The same week last year, 45% was rated poor/VP.
The weekly CFTC update showed more new managed money shorts for corn during the week that ended 2/13. The net new selling extended the group’s net short by 16.6k contracts to 314,341 – which is within 7.9k of their record net short. Commercial corn hedgers were 16.7k contracts more net long to 40.2k contracts – also within 7k of their record net long.
Mar 24 Corn closed at $4.16 1/2, down by 1 1/4 cents, currently up 4 1/4 cents
May 24 Corn closed at $4.29 1/2, down by 1/4 cent, currently up 4 cents
Jul 24 Corn closed at $4.40 1/4, up by 1/2 cents, currently up 4 1/4 cents
Dec 24 Corn closed at $4.58 3/4, up by 2 cents, currently up 4 1/2 cents
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