Corn prices are experiencing slight losses this morning, following a long Easter weekend, with futures showing some front-month weakness as traders take profits. Old crop contracts are down by up to 2 cents, while new crop contracts remain steady. Open interest rose by 12,719 contracts last Thursday, indicating increased trading activity. The CmdtyView national average cash corn price is currently at $4.12 1/2, reflecting a decline of 2 1/4 cents.
The recent export sales data reveals a 5.6% week-over-week decrease in old crop sales, totaling 1.15 million metric tons (MMT), with Mexico leading as the top buyer. Commitments for corn sales since September 1 have reached 70.025 MMT, up 29% year-over-year, and actual shipments are ahead of the USDA’s projected pace.
Market professionals should note the shift in managed money positions, with a reduction of 16,574 contracts in net longs, which may signal a cautious outlook among traders as they navigate upcoming USDA data releases.
Source: nasdaq.com