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Corn futures were down between four and five cents early Monday, falling back to Friday’s close despite a modest 1¾‑cent lift during the day. July contracts tumbled 4¾ cents last week, while December fell 5¾ cents. Open interest rose 6,185 contracts on Friday. The CmdtyView national average cash corn price was $3.81, up 1¼ cents.
Crude oil slipped $4.65 this morning, adding pressure after reports of a peace agreement between the U.S. and Iran over the weekend.
The latest CFTC Commitment of Traders report shows the largest two‑week shift to the short side in corn futures and options since the report’s inception in 2006, with a net short of 210,829 contracts. In the last week, as of June 9, 120,407 contracts were in the market, with net shorts of 5,325. New short positions accounted for 92,863 contracts, while long liquidations totaled 27,544.
NOAA’s 7‑day QPF indicates precipitation ranging from 1.5 to 4 inches across Missouri to Ohio, with parts of Iowa and Wisconsin forecasted at 1 to 2 inches.
Export data shows the old‑crop export commitment at 82.767 MMT, matching 98 % of USDA’s updated projection. Shipments totaled 64.5 MMT, slightly below the USDA target. New‑crop sales reached 4.124 MMT this year, a 31.6 % increase over the same period last year.
July 26 corn closed at $4.12 ¾, up one cent; currently down five cents. Nearby cash was $3.81 1/1, up 1¼ cents. September 26 corn closed at $4.20 ¾, up ¾ cent; currently down five cents. December 26 corn closed at $4.40 ¼, up ¾ cent; currently down 4¾ cents. New‑crop cash was $3.95 1/1, up 1¼ cents.
On the date of publication, Austin Schroeder did not have any positions in the securities mentioned in this article. All information and data herein are solely for informational purposes. For more information, view the Barchart Disclosure Policy here. The views expressed are the author’s and do not necessarily reflect those of Nasdaq, Inc.
