Corn Start out the Week on a Steady Note
Corn prices are starting out the week on a firmer note, with contracts just fractionally lower. They settled 1 to 3 cents lower on Friday, with nearby May the firmest and May 2025 seeing the biggest day to day net loss. Preliminary open interest dropped a sharp 39,164 contracts. That was to be expected given the expiration of the May options (OI there declined 57,778 contracts).
Current weather forecasts will allow some net drying of soils in OH, IN, KS and NE over the next week, and in fact almost everywhere east of Lake Michigan. Delta producers will continue to be dogged by plenty of rain, as will MN, IA, and WI.
Commitmen of traders data from Friday afternoon showed managed money spec funds trimming their net short in corn futures and options by 41,024 contracts as of 4/23. They still held a large net short of 238,546 contracts, the smallest since January. Commercials added 38,499 contracts to their net short position, at 42,172 contracts by last Tuesday.
May 24 Corn is at $4.40, down 1 cent, currently unchanged
Nearby Cash is at $4.27 3/8, up 1 3/8 cents,
Jul 24 Corn is at $4.50, down 2 cents, currently down 1/4 cent
Dec 24 Corn is at $4.73 1/2, down 2 3/4 cents, currently down 1/2 cent
New Crop Cash is at $4.40 1/4, up 1/2 cent,
On the date of publication, Alan Brugler 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.