Corn futures trading will resume at 8:30 AM CST following the New Year’s break. Prices were down 1 ¼ to 3 cents per bushel on Friday. That left March corn futures with a weekly 2 ½ cent loss, and a monthly 11 ½ cent loss. During calendar year 2023, March corn futures traded in a $1.65 range. Preliminary open interest jumped 14,612 contracts on Friday, net new selling at year end (or new buyers able to do so on down ticks).
Chinese Dalian Corn Prices began their Tuesday session with a slight gap lower out of their 3-day weekend. OI diminished across their front months, and corn was a met 3-9 yuan/MT lower for the day from 2,394 to 2,428 across the front months. That was roughly a ¾ cent loss to a 3 ¼ cent loss from ~$8.57 to ~$8.70/bu at today’s exchange rate.
Weekly CFTC data showed managed money corn traders were 3,098 contracts less net short for the week given net new buying. That left the group 177,626 contracts net short as of 12/26. The commercials held a 19,436 contract net short, 793 contracts stronger for the week given net new selling.
The weekly corn export sales were 1.242 MMT during the week that ended 12/21. That was more than expected by traders, and a 23% increase vs. the previous week. USDA reported that Mexico was the top buyer for the week with over 500k MT. Total commitments for the season were listed as 29.4 MMT compared to 21.42 MMT last year.
Mar 24 Corn closed at $4.71 1/4, down 3 cents,
Nearby Cash was $4.45 7/8, down 2 3/8 cents,
May 24 Corn closed at $4.84, down 2 1/2 cents,
Jul 24 Corn closed at $4.94, down 2 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Disclosure Policy here.
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