Corn is set to start the week with prices in the red but by a penny or less in early Monday activity. Corn futures faded into the weekend with 1 ½ to 2 cent losses after hitting 5 week highs on Thursday. May maintained a weekly gain of 2 ½ cents and Dec futures were 4 ½ cents above last Friday at the close. CME data reflected some light new open interest in corn options on Friday, as overall there were 107k fewer contracts in place but the April serial options expired Friday with 126.6k contracts.
Weekly CFTC data showed managed money dropped 25k contracts in their corn position, mainly short covering, during the week that ended 3/19. That reduced the group’s net short by 12.9k contracts to 242,988. Commercial corn traders were adding hedges through the week, which built their net short to 45,723 contracts.
Estimates ahead of Thursday’s reports show traders are looking for corn stocks at 8.445 billion bushels on average. That would be a 1.05 bbu more than the same time last year after beginning Q2 with a 1.35 bbu larger supply. The full range of estimates is to see between 8.13 bbu and 8.8 bbu.
Corn planting intentions are estimated between 90m acres and 93.8m acres with 91.8 million as the average. That would be 800k more than the February Outlook Forum and would be down from 94.6m planted in 2023.
BAGE reported Argentina’s corn harvest was 3.7% completed as of 3/21. They lowered their output forecast by 2.5 MMT to 54 MMT. USDA was at 56 MMT in the March WASDE.
May 24 Corn closed at $4.39 1/4, down 1 1/2 cents, currently down 1 cent
Nearby Cash was $4.16 5/8, down 1 1/4 cents,
Jul 24 Corn closed at $4.52, down 2 cents, currently down 1 cent
Dec 24 Corn closed at $4.75 1/4, down 1 1/2 cents, currently down 3/4 cent
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