Corn futures are showing fractional to 1 ½ cent gains in the front months on Monday after facing overnight weakness. Preliminary open interest data showed long liquidation of September and very modest net selling for the 2024 crop contracts. Overall, OI was down 1,668 contracts. The weekly gain for September was 4 cents as Dc was up just over a nickel. The December 380 puts were the most active option according to CME, with 10,183 trading on Friday.
The weekly Export Inspections report showed a total of 1.06 MMT (41.69 mbu) of corn during the week that ended on July 25. That was nearly double the same week last year and 6.83% above the week prior. Mexico continues to be the top destination of shipments, this week at 401,678 MT, with 302,042 MT headed to Japan. Exports year to date are now 46.66 MMT (1.837 bbu), which is now 34% above the same period last year.
The weekly Commitment of Traders report showed specs in corn futures and options covering 24,847 contracts from their net short position as of July 23. That took them to a still large net short of 318,549 contracts. Commercials trimmed back their rather large net long by 23,161 contracts to 37,516 contracts as of that Tuesday.
Sep 24 Corn is at $3.94 3/4, up 1/4 cent,
Nearby Cash is at $3.87 1/8, up 1/4 cent,
Dec 24 Corn is at $4.11, up 1 cent,
Mar 25 Corn is at $4.25 3/4, up 1 1/4 cents,
New Crop Cash is at $3.73 1/2, up 3/4 cent,
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