Corn futures closed out the week, with contracts up 2 ¼ to 4 ¾ cents across the board. December was up 16 ¼ cents (4.04%). The national average Cash Corn price from cmdtyView was up 5 cents at $3.85 3/4 per bu.
Commitment of Traders data from CFTC showed specs trimming another 4,115 contracts from their net short in corn futures and options to 130,699 contracts. Commercials added 5,808 contracts to their net short as of Tuesday to 108,036 contracts.
Heading into today, the average trade estimate from a Reuters survey for September 1 corn stocks is at 1.844 billion bushels. That would be well above last year, as expected, and a 32 mbu increase from the September WASDE 2023/24 corn ending stocks projection.
Brazil’s first corn crop was pegged at 30% planted in the Center-South Region according to AgRural.
Algeria purchased a total of 240,000 MT of corn in a recent tender, likely sourced from Argentina or Brazil. The Ukrainian corn crop for 2024/25 is estimated at 25.8 MMT according to the country’s at ministry. That would be below the 27.2 MMT from USDA.
Dec 24 Corn closed at $4.18, up 4 3/4 cents, currently down 1/2 cent
Nearby Cash was $3.85 3/4, up 5 cents,
Mar 25 Corn closed at $4.35, up 4 cents, currently 3/4 cent
May 25 Corn closed at $4.44 3/4, up 3 3/4 cents, currently 1 cent
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