Corn futures are trading with 2 to 3 cent gains across most contracts on Wednesday. The CmdtyView national average Cash Corn price was up 2 1/2 cent to $4.06 1/2. The markets will close early today and remain closed for Christmas on Thursday with a hard open at 8:30 am CST on Friday.
Export Sales data has total corn export commitments at 47.579 MMT as of December 11, which is 31% above a year ago. That is also 59% of USDA’s record projection, in line with the 57% average sales pace. Actual shipments are 28% of that projection, ahead of the 19% 5-year average.
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.
The Buenos Aires Grain Exchange estimates the Argentina corn crop at 77.7% planted, ahead of average, with conditions of the crop emerged rated at 87% good/excellent, compared to 38% last year.
Mar 26 Corn is at $4.50, up 2 1/2 cents,
Nearby Cash is at $4.06 1/2, up 2 1/2 cents,
May 26 Corn is at $4.58 1/4, up 2 3/4 cents,
Jul 26 Corn is at $4.64, up 3 cents,
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