Corn prices are bouncing 1 to 2 ½ cents on Monday morning. Futures saw contracts pull off their lows prior to Friday’s midday, but finished out the day weaker, down 2 to 5 cents. The September contracts lost 6 ¼ cents on the week, with December down 2 ½ cents.
Commitment of Traders data showed spec funds in corn futures and options adding 6,462 contracts to their net short position as of August 13. They were net short a total of 249,007 contracts by that date. Commercials were back to a net long position, at 9,633 contracts, a 21,090 contract move on the week.
Yield prospects still remain the topic of conversation after USDAs record projection from Monday. The market will be keeping an eye on several industry crop tours, whether digital, virtual, or in person, that started last last week or are expected to continue this week.
The weekly Export Sales report saw total commitments for the 2023/24 crop push to 55.817 MMT. That is 98% of USDA’s forecast total for the marketing year, with the 5-year average at 103% of that projection. Accumulated shipments have totaled 50.744 MMT, which is 89% of the projection, vs. the typical 96%. Actual Census data does show exports well ahead of the FAS data.
Sep 24 Corn closed at $3.70 1/2, down 4 1/2 cents, currently up 2 1/4 cents
Nearby Cash was $3.58 5/8, down 5 cents,
Dec 24 Corn closed at $3.92 1/2, down 4 1/2 cents, up 1 1/2 cents
Mar 25 Corn closed at $4.11, down 4 3/4 cents, currently up 1 1/2 cents
New Crop Cash was $3.54 3/4, down 3 3/4 cents,
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