Financial News
Corn Bulls Looking to Head into Christmas Break with Strength
Corn prices are up 1 to 2 cents so far on Wednesday. Futures closed Tuesday with contracts fractionally to a penny higher. Preliminary open interest was up 946 contracts on Tuesday. The CmdtyView national average Cash Corn price was up 1/2 cent to $4.03. The markets will close early on Wednesday and remain closed for Christmas on Thursday with a hard open at 8:30 am CST on Friday.
The Tuesday USDA Export Sales update for the week of 12/11 showed 1.74 MMT of corn. That was a 17.9% increase from the data released on Monday for the week prior and 48.5% above the same week last year. Export sale commitments, which are now nearly caught up from the government shutdown, are 31% above the same week last year at 47.58 MMT (1.873 bbu).
CFTC’s Commitment of Traders report for the week ending last Tuesday December 16 showed spec traders in corn futures and options flipping back to a net long position of 52,672 contracts. That was a move to 62,390 contracts to the short side during that week with a mix of new shorts and fewer longs.
EIA data, normally out on Wednesday, will be delayed until Monday due to the government taking the December 24-26 off.
Mar 26 Corn closed at $4.47 1/2, up 1/2 cent, currently up 1 ¾ cents
Nearby Cash was $4.03, up 1/2 cent,
May 26 Corn closed at $4.55 1/2, up 1 cent, currently up 2 cents
Jul 26 Corn closed at $4.61, up 1 cent, currently up 1 ¾ 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.
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