Corn price action is down 1 to 2 cents so far on Tuesday after a long weekend. Futures closed the Friday session with contracts 4 to 5 cents higher in the front months, taking back some early week losses. Preliminary open interest was up 13,069 contracts on Friday. March was still down 21 cents on the week, a 4.71% loss. The CmdtyView national average Cash Corn price is up 6 cents at $3.89 1/2.
CFTC data showed managed money in corn futures and options adding 65,348 contracts to their net short position in corn futures and options as of January 13. That took their net short to 81,774 contracts. Much of that was vis new short interest, at the largest since October, with longs going to their smallest since November.
USDA Export Sales data as of January 8 has 52.035 MMT of corn commitments (shipped and unshipped sales), which is 29% above the same week las year. That is 64% of USDA’s forecast and ahead of the 62% average sales pace. Meanwhile, FAS actual shipment data is 28.97 MMT, of 36% of USDA’s projection vs. a 26% average shipping pace.
AgRural estimates the first Brazilian corn crop at 1.6% harvested as of last Thursday, with the second corn crop pegged at 1.1% planted.
Mar 26 Corn closed at $4.24 3/4, up 4 1/2 cents, currently down 2 cents
Nearby Cash was $3.87 0/1, up 4 3/4 cents,
May 26 Corn closed at $4.32, up 4 1/4 cents, currently down 1 3/4 cents
Jul 26 Corn closed at $4.38, up 4 cents, currently down 1 1/2 cents
