Corn futures are trading 4 to 5 cents lower on Monday morning, following a decline of 4 ¾ cents last week for July contracts and 5 ¾ cents for December. Open interest rose by 6,185 contracts last Friday, while the CmdtyView national average Cash Corn price increased by 1 ¼ cents to $3.81. Concurrently, crude oil prices dropped by $4.65 amid reported peace talks between the U.S. and Iran.
The latest CFTC Commitment of Traders report reveals a record shift to the short side in corn futures and options, with 210,829 contracts over two weeks, the largest since the report’s inception in 2006. Currently, speculators are net short 5,325 contracts, with new short positions totaling 92,863 contracts against 27,544 in liquidation of longs.
Export sales data indicates old crop commitments at 82.767 million metric tons (MMT), meeting 98% of USDA’s projection, while shipments stand at 64.5 MMT, slightly trailing the average shipping pace of 78%. New crop business has reached 4.124 MMT this year, marking a 31.6% increase from the previous year.
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