Corn Holding onto Gains Following Overnight Strength
Corn gapped lower at the Sunday night open but bulls were fighting back all night, and are holding onto 1 to 4 cent gains at midday. There were another 69 deliveries for July futures, which expire today. The front month CmdtyView national average Cash Corn price is up 2 cents at $3.84 1/4.
Export Inspections data showed 1.287 MMT (1.287 bbu) of corn shipped in the week that ended on July 10, which was down 17.7% from the week prior, but still up 17.06% from the same week last year. Mexico was the top destination of 332,337 MT, with 293,450 MT headed to Japan and 271,008 MT to Brazil. Marketing year shipments have totaled 57.806 MMT (2.276 bbu) since September 1, 29.54% larger yr/yr.
Rains are expected to be rather widespread this next week, with much of the Corn Belt seeing at least an inch, with the Central Corn Belt upwards of 2-3 inches.
Over the weekend President Trump announced a 30% tariff on the EU and Mexico starting on August 1.
The Friday afternoon Commitment of Traders report from CFTC showed speculators trimming 2,602 contracts from their large net short position in corn futures and options as of July 8. That net short stood at 203,861 contracts as of Tuesday. Commercials added a 3,650 contracts to their small net short position of 30,181 contracts.
AgRural estimates the Brazilian corn crop at 40% harvested, which is well below the 74% from last year.
Jul 25 Corn is at $4.12 3/4, up 9 3/4 cents,
Nearby Cash is at $3.84 1/4, up 2 cents,
Sep 25 Corn is at $3.97 3/4, up 1 3/4 cents,
Dec 25 Corn is at $4.15 1/2, up 3 1/4 cents,
New Crop Cash is at $3.73 1/4, up 2 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
