Corn Closes Tuesday with Most Contracts Higher

ZC=F +0.35%

Corn futures closed Tuesday with contracts seeing some spreading and adding carry back into the market as December was up ¼ cent and deferreds up 2 ½ cents. The CmdtyView national average Cash Corn price was up 1/4 cent at $3.88. The market will be closed on Thursday for Thanksgiving, with a hard open at 8:30 CST on Friday.

Export Sales data from this morning showed a total of 1.327 MMT of corn sold in the week of 10/9, in the middle of traders looking for 0.9-2.5 MMT in the delayed dataset. That was a 4-week low and below the same week last year. Data for the week of 10/16 will be out on Friday.

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Delayed CFTC data from the week of October 14 showed managed money with a net short position of 191,055 contracts in corn futures and options. That was an addition of 49,089 contracts as of that week.

Several South Korean importers purchased a total of at least 324,000 MT of corn in tenders overnight, with at least 68,000 MT expected from the US. Brazilian corn exports in November are expected to total 6.11 MMT according to ANEC, down 0.25 MMT from the week prior.

Dec 25 Corn  closed at $4.23 1/2, down 1/4 cent,

Nearby Cash  was $3.88, up 1/4 cent,

Mar 26 Corn  closed at $4.38 1/4, up 1 1/2 cents,

May 26 Corn  closed at $4.46 3/4, up 2 1/2 cents,

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 is solely for informational purposes. This article was originally published on Barchart.com