Corn prices are set to come out of the weekend with 1 3/4 to 3 ¼ cent losses after overnight weakness. Friday’s 4 ½ to 5 ¾ cent losses left the board fractionally mixed for the week. Preliminary open interest for Friday showed net new selling, rising 4,548 contracts.  Crude oil prices gapped higher on Sunday night following a fatal attack on US troops in Jordan by Iranian proxies.

CFTC data showed managed money corn traders were still adding shorts, which grew their net short 4.7k contracts to 265,285 for the week ending 1/23 close. Commercial corn hedgers added 58k new positions but grew their net long by a net 605 contracts to 26,504. 

The weekly FAS data had corn bookings at 955k MT for the week of 1/18. That was within the range of estimates, but compared to 1.25 MMT last week and 910k MT during the same week last year. Corn commitments reached 32.5 MMT, and remain 8.5 MMT ahead of last year's pace.  They are 61% of the full year WASDE estimate vs. the 5 year average of 63%. 

The BAGE raised their estimate for Argentine 2024 corn output by 1.5 MMT to 56.5 MMT.  That crop is 97% planted. Condition ratings did decline in the most recent week due to warmer and drier weather. 

 

Mar 24 Corn  closed at $4.46 1/4, down 5 1/2 cents, currently down 3 cents

Nearby Cash   was $4.24, down 5 1/2 cents,

May 24 Corn  closed at $4.55 3/4, down 5 1/2 cents, currently down 3 cents

Jul 24 Corn  closed at $4.63 1/2, down 5 3/4 cents, currently down 2 3/4 cents


On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Disclosure Policy here.

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