Corn Getting Monday AM Pop

Corn up close - by PixelAnarchy via All-free-download_com

Corn prices are trading with Monday morning strength of 1 to 3 cents. Futures closed out the Friday session with most contracts steady to 3 ¾ cents higher. That was led by December, which cut down the weekly loss to just ¾ cent. The national average Cash Corn price from cmdtyView was up 6 1/2 cents at $3.85 3/4 per bu. 

The monthly Grain Crushing report from NASS was released on Friday afternoon, showing 440.16 mbu of corn used for ethanol production during September. That was up 2.74% from last year and a 6-year high but down 8.2% from August. 

CFTC data from Friday afternoon showed spec funds in corn futures and options cutting 53,796 contracts from their net short position as of October 29. That took the net position to just -17,703 contracts, which is the smallest since August 2023. Commercials were busy adding 62,578 contracts to their net short, at 218,155 contracts by Tuesday. Much of that was additional shorts (798,161 contracts), now at the largest total in over 18 months.

StoneX estimates the Brazilian 2024/25 corn crop at 128.53 MMT, with the first crop at 24.88 MMT and the second crop at 101.5 MMT. 

Dec 24 Corn  closed at $4.14 1/2, up 3 3/4 cents, currently up 3 cents

Nearby Cash  was $3.85 3/4, up 6 1/2 cents,

Mar 25 Corn  closed at $4.29 1/4, up 3 1/4 cents, currently up 1 1/2 cents

May 25 Corn  closed at $4.37 1/4, up 2 3/4 cents, currently up 1 1/2 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.