Corn price action is up 4 to 5 cents on Monday morning, though some contracts are 10 to 12 cents off the overnight highs. Futures posted gains of 3 ¾ to 8 ¼ cents across the board on Friday, as May managed a 12 cent gain on the week and December up 15. Open interest was up 38,536 contracts on Friday, suggesting new buying. There were 241 deliveries issued against March corn on Friday night. The CmdtyView national average Cash Corn price was up 6 1/2 cents to $4.18 1/4.
Strikes on Iranian targets continued over the weekend, with the flow through the Strait of Hormuz effectively at a standstill. Crude oil is up $11.63 this morning, but nearly $17 off the overnight highs as G7 countries hinted at opening up 400 million barrels via strategic reserves.
