Corn prices are down 2 to 2 ½ cents early on Monday. Futures posted losses of 3 to 4 cents across the front months on Friday, with December slipping back 2 cents last week. Preliminary open interest suggested some longs liquidating, down 11,739 contracts on Friday, mainly in the December. The CmdtyView national average Cash Corn price was down 3 3/4 cents at $3.78.
Friday afternoon’s Commitment of Traders report indicated managed money adding back 14,624 contracts to their net short position in corn futures and option as of September 23. That took their net position to -94,675 contracts, mainly on long liquidation. Commercials trimmed back there at net short position by 10,692 contracts to 97,598 contracts, mainly via an increase in the number of longs, implying end user hedging.
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Export Sales data now has corn export sale commitments at 25.757 MMT, a record for the third week in the marketing year and 75% above the same week last year. That is 34% of the USDA export projection, compared to the 30% average sales pace.
Heading into the September 30 Grain Stocks report on Tuesday, analysts surveyed by Bloomberg are looking for USDA to show 1.336 bbu of corn on hand as of September 1. The range of estimates is 1.26 to 1.45 bbu.
Brazil’s first corn crop in the center-south region is pegged at 32% planted as of Thursday according to AgRural.
Dec 25 Corn closed at $4.22, down 3 3/4 cents, currently down 2 1/2 cents
Nearby Cash was $3.78, down 3 3/4 cents,
Mar 26 Corn closed at $4.38 3/4, down 3 1/2 cents, currently down 2 cents
May 26 Corn closed at $4.48, down 3 1/4 cents, currently down 2 cents
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