Corn prices increased by up to 2.25 cents early Monday, following a significant rally last week where contracts rose 5 to 11.25 cents, with September climbing 20 cents and December increasing 21.25 cents. The CmdtyView national average cash corn price rose by 11.75 cents to $4.30. Open interest saw an uptick of 10,138 contracts on Friday, indicating new buying interest.
This week also marks the beginning of the ProFarmer Crop Tour, which is expected to provide insight into yield results. As of August 11, managed money spec traders held a net long position of 166,770 corn futures and options contracts—a reduction of 15,176 contracts, mainly due to increased short interest. Meanwhile, old crop corn sales reached 87.503 million metric tons (MMT), outperforming USDA projections at 104%, while new crop sales have declined by 23.5% from last year to 10.575 MMT.
AgRural reports that Brazil’s second corn crop is 85% harvested, falling short of last year’s average pace of 94%. The most recent prices include September corn at $4.59 (up 11 cents), nearby cash corn at $4.30 (up 11.75 cents), and December corn at $4.83.25 (up 11.25 cents).
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