Corn price action showed a partial gain of 2 cents so far on Monday, with March delivery the only exception. Futures posted gains of 4 to 5 ½ cents in early-months on Friday, as May managed a gain of 8 ¾ cents last week. Friday’s open interest rose 23,160 contracts, suggesting fresh buying interest. 448 deliveries were issued on Friday night. CmdtyView’s national average cash corn price rose 5 3/4 cents to $4.06 1/4. Crude oil is providing some spillover support against $5.07 this morning after the US/Israeli attacks on Iran over the weekend.
Spring base crop insurance pricing was finally set, as the December average for February was nearly $4.62, down 8 cents from last year.
Committing Trader Data Money Managed trimmed another 13,548 contracts from their net short position in the week ending 2/24, bringing it to 13,867 contracts.
Export sales data showed corn commitments as of 2/19 at 62.96 MMT, a 29% increase over the same period last year. This is estimated at 75% of USDA exports and is now slightly behind the average sales pace of 77%. Actual shipping is 46% of this estimate and 8 points ahead of average shipping speed of 38%.
Brazil’s first-season corn harvest is now 36% complete, according to AgRural, just shy of last year’s 46% pace. The second crop is 66% planted in the center-south region, down from 80% by 2025.
March 26 corn closed at $4.38 3/4, up 5 1/2 cents, currently down 1 ¾ cents.
Closest cash was $4.06 1/4, up 5 3/4 cents.
May 26 corn closed at $4.48 1/2, up 5 cents, currently up 1/2 cent
Coron closed at $4.56 on July 26, up 4 3/4 cents, currently up 1 cent.
As of the date of publication, Austin Schroder had no positions (either directly or indirectly) in the securities mentioned in this article. All information and data in this article is for informational purposes only. This article was originally published on Barchart.com
