Corn Market Update: Mixed Results Amid Tariff Concerns
On Monday morning, corn prices are experiencing modest losses, ranging from fractional declines to 2 cents. The corn market had a positive end to the previous week, with contracts on Friday gaining between 1 to 3 cents across various front months. Notably, the May corn contract saw a 7-cent increase last week, despite ongoing discussions about tariffs. In contrast, the new crop December contract fell by ¾ cent, although it managed a 4 ¼ cent gain since the previous Friday. Importantly, preliminary open interest decreased by 10,702 contracts on Friday. The CmdtyView national average cash corn price rose by 3 ¾ cents, now standing at $4.31 ¾.
Traders Adjust Positions
Recent data from the Commitment of Traders revealed that managed money has reduced its net long position in corn futures and options by another 17,850 contracts during the week ending April 1. This brings the net long down to 56,757 contracts as of Tuesday. In contrast, commercial traders increased their long positions, resulting in a net short decline of 32,261 contracts to 336,744 contracts.
Brazil’s Harvest Progress
According to AgRural, Brazil’s first corn crop is progressing well, with 88% of the harvest completed as of Thursday, surpassing last year’s rate of 78% at the same time.
Current Prices Overview
As for the market prices, the May 25 corn contract closed at $4.60 ¼, an increase of 2 ¾ cents, though it is currently down by ½ cent. Nearby cash corn is priced at $4.31 ¾, up 3 ¾ cents. The July 25 corn contract closed at $4.67 ¼, up 1 ¾ cents, and is currently down ¼ cent. Meanwhile, the December 25 corn contract closed at $4.46 ¾, down ¾ cent, with a current drop of 1 ¾ cents. Finally, the new crop cash corn price is now at $4.10 7/8, reflecting a decrease of ¼ cent.
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are solely for informational purposes. For more information, please view the Barchart Disclosure Policy
here.
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