Corn is starting off the new week with prices mostly red but by less than 1 ¼ cents. The March contract is up by ½ cents after an overnight range from -¾ to +1 ¾ cents. The new crop futures are more than a penny in the red in AM trading. Nearby corn prices were another 4 ¾ to 5 ¾ cents weaker on Friday completing the week a net 10 ½ cents lower for March. March also set a new contract low. Preliminary open interest continues to rise, up 18,623 on Friday’s sell off.
Weekly data from CFTC had the managed money spec funds closing longs and adding shorts for a 19.7k stronger net short of 197,326 contracts as of 1/2 . That’s he 2nd (after 11/28) strongest net short since June 2020. Commercial corn hedgers were net new buyers during the week ending ½, and slipped to net long. The 2,233 contract net long was their strongest also since June of 2020.
Weekly FAS data showed 368k MT of corn was booked during the week that ended 12/28. That was a MY low and down 70% from the week prior. Sorghum sales were shown as 18.7k MT which was up from 11k the week prior. Total commitments were listed at 29.79 MMT for corn and 3.93 MMT for milo as of 12/28.
Brazilian December corn exports appear to have been 6.1 MMT, down just slightly from the 6.24 MMT in 2022 and breaking a multi-month string of record high monthly shipments.
Mar 24 Corn closed at $4.60 3/4, down 5 3/4 cents, currently up 1/2 cent
Nearby Cash was $4.34 5/8, down 5 3/8 cents,
May 24 Corn closed at $4.73 1/4, down 5 3/4 cents, currently UNCH
Jul 24 Corn closed at $4.83 3/4, down 5 cents, currently down 1/2 cent
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