Corn prices are posting fractionally to 1 cent lower trade this morning. Futures closed out Friday with contracts 4 to 6 ¼ cents lower in the nearbys. December was still up 5 ¼ cents over the course of the week. There were 45 deliveries issued against September futures overnight.
Export Sales data showed old crop corn with net reductions of 173,097 MT in the week of August 29. That was normal for the last full week of the marketing year. New crop business was reported at 1.822 MMT, which was a MY high. Mexico purchased 806,000 MT of that total, with 475,800 MT sold to unknown destinations. Forward sales for new crop have jumped to 11.24 MMT, which is up 8% from the same period last year and nearing the higher end of the past 10 years.
Friday afternoon’s Commitment of Traders report showed spec funds covering a total of 65,697 contracts in net over the short week that ended on September 3. That took their net short position to 176,211 contracts by Tuesday, the smallest since May 28. Commercials were busy adding to their net long short by 57,784 contracts to a net short 75,640 contracts, mainly on long liquidation.
Safras estimates the 2024/25 Brazilian corn acreage to be down slightly from last year at 51.57 million acres. Production, however, is expected to be well above a year ago at 133.57 MMT according to Safras estimates.
Sep 24 Corn closed at $3.83 3/4, down 6 1/4 cents, currently unch
Nearby Cash was $3.71 5/8, down 4 1/2 cents,
Dec 24 Corn closed at $4.06 1/4, down 4 1/2 cents, currently down 1 cent
Mar 25 Corn closed at $4.24 1/2, down 4 3/4 cents, currently down 3/4 cent
New Crop Cash was $3.71 5/8, down 4 1/2 cents,
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