Butterfield Grain -

Corn Edges Higher on Pre-Report Position Squaring

Alan Brugler - Barchart - Mon Jul 12, 12:16PM UTC

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ZCK24 - Corn

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ZCPAUS.CM	4.2243	-0.0501	-1.17%
ZCN24	447-2	-1-2	-0.28%
ZCZ21	588-6s	+4-4	+0.77%
ZCPZ21US.CM	5.7930	-0.0285	-0.49%

Corn prices are 3 to 5 cents higher to start report day. Futures were 6 1/4 to 8 1/4 cents lower on Friday. December futures gave back all of last week’s gains during a 62 3/4 cent drop from Friday to Friday.

Ahead of the USDA data release, the trade is looking for a 1.107 bbu old crop carryout. The range of estimates is for between 957 mbu to 1.257 billion. New crop stocks are estimated to be reported at 1.402 bbu, which would be up 45 mbu from the June WASDE. Production is expected to be up 117.5 mbu on the higher acreage from the June 30th report.

CFTC’s weekly data release showed managed money was 26,063 contracts less net long in corn through the week ending 7/6. The week of net new selling left the group 219,371 contracts net long. Commercials also reduced their net short to 513,443 contracts net short – their smallest hedge position since October as they try to clear out the house before harvest.

USDA’s weekly Export Sales report showed 173,177 MT of old crop corn was sold during the week ending 7/1. New crop bookings were 198,218 MT, down 73% from the same week last year. Outstanding sales for 2020/21 delivery are still 46% above last season with 11 MMT on the books. Forward bookings are 238% higher yr/yr with 15.95 MMT already sold.

Jul 21 Corn closed at $6.29 3/4, down 8 1/4 cents; down 6 on volume of 11 this morning

Nearby Cash was $6.09 8/9 on Friday, down 7 1/4 cents,

Sep 21 Corn closed at $5.29 1/2, down 7 1/4 cents; up 5 ¾ this morning

Dec 21 Corn closed at $5.17, down 6 3/4 cents; up 5 ½ this morning,

New Crop Cash was $4.94 2/3 on Friday, down 6 1/2 cents,

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