Corn futures are trading with contracts fractionally to 2 cents higher on Monday. The CmdtyView national average Cash Corn price is up 2 1/4 cents at $3.83 1/4. Crude oil is down $4.27 at midday, and provided early pressure after the US and Iran came to a peace deal over the weekend.
The weekly Export Inspections report showed corn shipments of 1.636 MMT (64.43 mbu) in the week of 6/11. That was down 18.73% from the week prior and 3.47% below the same week last year. Mexico was the largest destination of 440,116 MT, with 225,898 MT shipped to Japan and 153,375 MT to Taiwan. Shipments for the marketing year are now at 65.614 MMT (2.583 bbu) of corn, which is 26.01% above the same period last year. Sorghum shipments totaled 313,616 MT, with 313,002 MT headed to China.
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NOAA’s 7-day QPF shows precip totals expected to range from 1.5 to 4 inches from MO to OH, with parts of IA and WI seen with 1 to 2 inches.
The weekly CFTC Commitment of Traders report showed the largest 2 week (Tuesday/Tuesday) shift to the short side in the history of managed money in corn futures and option since the inception of the report in 2006 of 210,829 contracts. A total of 120,407 contracts were in the last week as of 6/9, with specs now net short 5,325 contracts. Of the shift, 92,863 contracts were new shorts, with longs only seeing 27,544 contracts of liquidation.
Brazil’s AgRural estimates the country’s second corn crop at 8.4% harvested in the center-south region, which was ahead of the 5.2% harvest pace last year.
Jul 26 Corn is at $4.14 3/4, up 2 cents,
Nearby Cash is at $3.83 1/4, up 2 1/4 cents,
Sep 26 Corn is at $4.22, up 1 1/4 cents,
Dec 26 Corn is at $4.41, up 3/4 cent,
New Crop Cash is at $3.96, up 1 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. This article was originally published on Barchart.com
