Front month corn futures are pushing the downside with 3 ¼ to 4 ¾ cent losses and are off their lows by just a penny. Dalian Corn Prices in China were 2 to 6 yuan lower on Monday while the US market was closed.
USDA announced a private 126.7k MT corn sale to Mexico this morning. The weekly Inspections reporting system was experiencing technical issues, the report will be further delayed.
Wire sources have Algeria tendering for 120k MT of corn and 30k MT of barley.
Brazil’s AgRrual reported 1st crop corn harvest at 5.1% finished with 2nd crop planting at 0.4%. Their production estimate for total corn output is 114.1 MMT.
Weekly CFTC data showed managed money funds were building their shorts in corn during the week that ended 1/9. That expanded their net short by 33.4k contracts to 230,723 contracts. Commercial corn hedgers were shown adding positions, with 43k new OI. On net they reduced their net long by 1,942 contracts to 291.
Mar 24 Corn closed at $4.43 3/4, down 3 1/4 cents,
Nearby Cash was $4.18 3/8, down 3 1/8 cents,
May 24 Corn closed at $4.55, down 4 cents,
Jul 24 Corn closed at $4.64, down 4 1/4 cents,
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