Corn Looking to Round Out August with a Bounce
Corn price action is 1 to 2 ¾ cents higher early on Friday. Futures closed out the Thursday session with contracts up 3 to 4 ½ cents in the front months. Preliminary open interest dropped 8,106 contracts, mainly in September (-39,176). There were no deliveries issued for First notice against September. The CmdtyView national average Cash Corn price was up 1 3/4 cents at $3.66 1/4.
The market will be closed on Monday due to the Labor Day holiday, with a normal open on Monday night for the Tuesday session.
USDA Export Sales data showed net reductions of just 17,797 MT in the week ending on August 21, an improvement from last week. Cancellations are not uncommon for this late in the marketing year. New crop business was tallied at 2.089 MMT, down 26.9% from last week but still the third largest total for the marketing year. The largest buyer was Mexico at 620,700 MT, with 515,200 MT sold to unknown destinations and 257,000 MT to Colombia.
Canadian corn production is estimated to total 15.55 MMT according to Statistics Canada, which would be a 1.5% increase from last year.
Sep 25 Corn closed at $3.85 1/2, up 3 cents, currently up 2 3/4 cents
Nearby Cash was $3.66 1/4, up 1 3/4 cents,
Dec 25 Corn closed at $4.10, up 4 cents, currently up 1 1/2 cents
Mar 26 Corn closed at $4.27 1/2, up 4 1/4 cents, currently up 1 cent
New Crop Cash was $3.64 1/4, up 2 1/4 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.