Corn Pulling Off of Overnight Weakness to Start Monday

Corn prices are showing fractionally mixed action on Monday morning after spending much of the overnight session weaker. Futures finished Friday fractionally mixed to a penny and a quarter weaker. May futures were at a net weekly drop of 7 ¾ cents. December corn prices were 3/4 of a cent weaker at Friday’s close. Preliminary open interest dropped 13,641 contracts, with liquidation of 30,973 May positions on the day not being matched by a 14,147 contract roll increase to July. Friday was the first day of the so called Goldman Roll. 

Weekly CFTC data released Friday afternoon showed managed money funds were adding short corn positions and closing through the week that ended 4/2. That left the group 7.8k contracts more net short at 259.6k contracts. The commercials were closing short hedges and adding new longs for a net short of 23,319 contracts as of 4/2. 

Monthly Census data confirmed Feb corn export shipments were 211.4 mbu which was a 25% increase over January and a 64% increase from Feb ’23.  

The BAGE corn forecast (Argentina) was cut to 52 MMT late last week with insect pressure being blamed. USDA (new estimates on Thursday) was still at 56 MMT in March. Argentine new crop harvest was 11% done. 

May 24 Corn  closed at $4.34 1/4, down 1 cent, Currently up ½ cents

Nearby Cash   was $4.15 1/2, down 1/2 cent,

Jul 24 Corn  closed at $4.46 3/4, down 3/4 cent, Currently unch

Dec 24 Corn  closed at $4.72 1/2, down 3/4 cent, Currently up ¼ cents

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