Corn price action is down 2 to 3 cents early in Monday. Futures closed the Friday session with contracts fractionally to a penny lower in the nearbys. Open interest rose 4,880 contracts. March corn was up 6 ¼ cents on the short week. The CmdtyView national average Cash Corn price was down a penny to $4.06 3/4.
Futures got some spillover weakness from crude oil losses of $1.45/barrel. Thin trade for the shorter session after Christmas likely also had an impact. Crude oil is up $1.40/barrel this morning, though there is little spillover to speak of with corns weakness.
Reports from the government were pushed back due to the holiday declared for Friday. EIA will be released on later this morning, delayed from the normal Wednesday release, with the next Export Sales report for the week ending on 12/18 out on Wednesday.
Mar 26 Corn closed at $4.50, down 1 cent, currently down 2 3/4 cents
Nearby Cash was $4.06 3/4, down 1 cent,
May 26 Corn closed at $4.58 1/4, down 3/4 cent, currently down 2 1/2 cents
Jul 26 Corn closed at $4.64 1/4, down 1/4 cent, currently down 2 1/4 cents
