Corn is showing Monday AM gains of 1 to 2 cents. Futures spent the Friday session squaring up ahead of Monday’s USDA report, with contracts fractionally lower. March managed to close the week with an 8 ¼ cent gain. Open interest was down 2,028 contracts. The CmdtyView national average Cash Corn price was down ¼ cent at $4.07 1/4.
USDA will release a slew of data later this morning. The annual Crop Production report expected to show US corn production at 16.553 bbu, as yield is estimated at 184 bpa according to a Bloomberg survey of analysts. US corn ending stocks are estimated at 1.985 bbu, a 44 mbu reduction if realized.
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USDA will also release their quarterly Grain Stocks report on Monday, with a Reuters survey of analysts looking for December 1 corn stocks at 12.962 bbu, with a range of estimates from 12.05 to 13.31 bbu.
CFTC data from Friday afternoon showed managed money trimming 7,158 contracts from their net short in corn futures and options as of January 6, taking it to 16,426 contracts.
A couple South Korean importers purchased a total of 134,000 MT of corn in separate tenders on Friday.
Brazil’s first corn crop is estimated at 0.5% harvested as of Thursday according to AgRural, with the larger second crop tallied at 0.2% planted.
Mar 26 Corn closed at $4.45 3/4, down 1/4 cent, currently up 1 3/4 cents
Nearby Cash was $4.07 1/4, down 1/4 cent,
May 26 Corn closed at $4.53 3/4, down 1/4 cent, currently up 1 3/4 cents
Jul 26 Corn closed at $4.60 1/4, down 1/4 cent, 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. This article was originally published on Barchart.com
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