Corn Holding Higher on Monday AM Trade

Corn prices have been on the rise since the beginning of the week on Monday morning. Futures contracts for corn have climbed between 5 and 11 ¼ cents. The week-long rally saw December corn prices increase by 21 ¼ cents, and overall open interest surged by 10,138 contracts. The national average Cash Corn price for the Command View index reached $4.30, while the ProFarmer Crop Tour will soon commence, with traders closely monitoring yield updates from fieldwork.

The recent Monday morning market action stands out in the broader commodities landscape, with wheat prices expected to climb higher. As of August 11, managed money speculators held a net long position of 166,770 contracts in corn futures and options, a 15,176 contract decrease from the previous week. This decline was primarily due to an influx of new short interest.

Export Sales data currently shows old crop corn sales at 87.503 million metric tons, which is 104% of the USDA projection and surpasses the sales of previous years. Accumulated shipments of old crop corn stand at 80.066 MMT, or 95% of the USDA export forecast. However, new crop corn sales have declined by 23.5% compared to the same period last year, totaling 10.575 MMT.

According to AgRural estimates, the Brazilian second corn crop is 85% harvested, which is lagging behind the 94% average pace from the previous year. On September 26, corn closed at $4.59, up 11 cents, currently up 1 ¾ cents. As of December 26, corn closed at $4.83 ¼, up 11 ¼ cents, currently up 2 cents. Corn prices on March 27 reached $4.99, up 11 ¼ cents, and the current standing is 2 ¼ cents higher.

As of the publication date, Austin Schroeder reported no positions in the securities mentioned in the article. The information provided is intended for informational purposes only.