The corn market is beginning the new week with prices fractionally higher.. Corn settled 1 ¾ to 3 ¼ lower on Friday. Preliminary open interest sank 22,704 contracts as July OI dropped 34,623 but only about 9000 contracts were rolled to September or December and the rest just closed out. The rebound meant that the market held on to most of the Thursday gains, and in fact December futures posted a net ¾ cent gain for the week.
Industry surveys ahead of Wednesday’s USDA WASDE supply/demand report anticipate the government will show old crop ending stocks of 2.009 billion bushels and 2024/25 ending stocks of 2.079 billion bushels (Reuters) or 2.087 billion (Bloomberg). Both would be lower than the May numbers if realized.
Friday afternoon’s Commitment of Traders report showed the managed money spec funds increased their net short in corn by 79230 contracts during the week ending June 4, increasing it to 212,706 contracts for combined futures and options.
Jul 24 Corn closed at $4.48 3/4, down 3 1/4 cents, currently up 1 ¼ cents
Nearby Cash was $4.31 1/8, down 2 7/8 cents,
Sep 24 Corn closed at $4.54 3/4, down 3 cents,
Dec 24 Corn closed at $4.67 1/4, down 2 1/4 cents, currently up 1 cent
New Crop Cash was $4.31 5/8, down 2 1/2 cents,
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