Corn prices started the week with fractional to 2 cent gains on Monday, except for in delivery March which saw some losses. Last Friday, futures saw gains of 4 to 5 ½ cents across the front months, with May managing an impressive 8 ¾ cent gain over the week. Open interest rose by 23,160 contracts, indicating new buying interest in the market. Additionally, there were 448 deliveries issued on Friday night.
The national average Cash Corn price, as reported by CmdtyView, was up by 5 3/4 cents to $4.06 1/4. The increase in prices can be attributed to the rise in crude oil prices, which is up $5.07 following the US/Israel strikes on Iran over the weekend.
As the spring base Crop Insurance price was set at the close, the average December corn close for February stood at $4.62, down by 8 cents from last year. Commitment of Traders data revealed that managed money cut another 13,548 contracts from their net short position in the week ending on 2/24, bringing it to 13,867 contracts.
Export Sales data as of 2/19 showed corn commitments at 62.96 MMT, marking a 29% increase from the same period last year. This accounts for 75% of the USDA export projection, slightly behind the 77% average sales pace. Actual shipments are at 46% of the estimate, which is 8 points ahead of the 38% average shipping pace.
In Brazil, the first crop corn harvest is currently 36% complete, falling short of the 46% pace from last year. The second crop is 66% planted in the center-south region, below the 80% mark from 2025.
To provide some context on current prices, Mar 26 Corn closed at $4.38 3/4, up by 5 1/2 cents, currently down 1 ¾ cents. Nearby Cash was at $4.06 1/4, up by 5 3/4 cents. May 26 Corn closed at $4.48 1/2, up by 5 cents, currently up by 1/2 cent. Lastly, Jul 26 Corn closed at $4.56, up by 4 3/4 cents, currently up by 1 cent.
It’s important to note that the information and data provided in this article are solely for informational purposes. The original article was published on Barchart.com and the author, Austin Schroeder, did not have any positions in the securities mentioned.
