Ag Valley Coop -

Corn Futures 5 to 15 Higher Early Monday

Alan Brugler - Barchart - Mon May 03, 12:27PM UTC

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ZCK24 - Corn

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Corn futures are trading 5 to 15 cents higher this morning. Corn futures were higher on Friday, with July closing limit up. Preliminary open interest rose only 3,105 contracts despite the big price move. CME’s permanently expanded limits are in effect now, and corn futures not in delivery will trade with 40 cent limits. May closed 38 cents higher on Friday to a new high of $7.46 1/4. There were no delivery notices on FND for corn or mini sized corn futures over the weekend. The oldest long is dated November 24. New crop corn futures closed 15 to 21 3/4 cents higher on Friday. Dec corn rallied 14% for the month of April.

CFTC data on Friday showed managed money was 378,663 contracts net long in corn on 4/27. That was down 5,335 contracts from their net long last week as funds’ OI dropped 10,137 contracts.

SAFRAS and Mercado reduced their estimate for Brazil’s 2020/21 corn production. Their new forecast calls for a record 104.14 MMT crop. USDA was at 109 MMT in the April WASDE report.

Trade ideas for US corn planting are 38-40% complete, ahead of the 36% average pace due to dry conditions in the WCB. Rains of a welcome 25” to .50” were seen in a band from SD to PA on Saturday into Sunday. Additional areas received rain overnight.

May 21 Corn closed at $7.40, up 38 cents, and up 5 cents overnight

Jul 21 Corn closed at $6.73 1/4, up 25 cents, and up 15 1/4 overnight

Nearby Cash was $6.90 3/7 on Friday, up 27 5/8 cents,

Dec 21 Corn closed at $5.63 3/4, up 17 1/2 cents, and now up 8 1/4

New Crop Cash was $5.37 on Friday, up 17 cents,

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