Corn Falling on Monday

Corn futures are showing 5 to 8 cent losses across most contracts on Monday. There is some outside pressure with the dollar index up 368 points, and crude oil down $1.80/barrel. The national average Cash Corn price from cmdtyView is down 5 1/2 cents at $3.78 1/2 per bu.

Both the weekly Export Inspections and Crop Progress reports will be released on Tuesday, delayed by the Columbus Day federal holiday.

Weekly Commitment of Traders data tallied spec traders in corn futures and options cutting another 43,970 contracts from their net short as of October 8. That took their net short to the lowest since August 2023 at 23,729 contracts. Commercials were adding 35,510 contracts to their net short at 192,610 contracts on that Tuesday.

Brazil’s first corn crop was estimated at 42% planted in the center-south region as of Thursday, according to AgRural. Ukraine’s corn crop is estimated at 24 MMT by APK-Inform, a 2.8 MMT reduction from their previous number. 

Dec 24 Corn is at $4.10 1/4, down 5 1/2 cents,

Nearby Cash is at $3.78 1/2, down 5 1/2 cents,

Mar 25 Corn is at $4.26 1/4, down 6 3/4 cents,

May 25 Corn is at $4.34 1/4, down 7 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.