Corn is trading with losses of ¼ to 4 ¾ cents on Monday morning. Futures closed the Friday session with gains of 6 to 8 cents in the front months. July was down 11 ¼ cents last week, with December losing 14 ¼ cents. Friday’s open interest was down 14,177 contracts, with 48,888 exiting July ahead of first notice day today and 0 deliveries issued against the contract. The front month CmdtyView national average Cash Corn price was up 8 cents at $3.94.
Ahead of the USDA Grain Stocks report later today, analysts estimate a total of 4.625 billion bushels of corn in stocks on June 1. That would be down 372 mbu from the year prior if realized. The range of estimates is at 4.459 to 4.798 bbu. Monday’s Acreage report is expected to show 95.4 million acres for corn according to a Bloomberg survey, up ~200,000 acres from March.
The weekly CFTC Commitment of Traders report indicated large managed money spec traders in corn futures and options trimmed back 2,506 contracts from their large net short position. As of Tuesday, they held a net short of 182,282 contracts.
Export Sales data has total commitments at 67.574 MMT, which is 99% of USDA’s full year projection and slightly behind the 100% average sales pace.
Statistics Canada data from Friday showed estimated Canadian corn acreage at 3.732 million acres, up 2.2% from a year ago. Brazil’s corn crop was estimated at 130.6 MMT by an AgRural update this morning, which was up 1.9 MMT from the previous estimate, all on an increase to the second crop (130.6 MMT).
Jul 25 Corn closed at $4.17 1/2, up 8 cents, currently down ¼ cent
Nearby Cash was $3.94, up 8 cents,
Sep 25 Corn closed at $4.11 1/2, up 7 1/2 cents, currently down 4 3/4 cents
Dec 25 Corn closed at $4.27, up 6 cents, currently down 4 cents
New Crop Cash was $3.84 3/8, up 6 1/4 cents,
