Corn posts gains of 1 to 2 cents in most areas near to begin Monday trading. The corn market posted steady gains of 1 ¼ cents across most contracts Friday, while December was up 8 ¼ cents for the week. Preliminary open positions on Friday were down 2,280 contracts, mostly in the early months. The CmdtyView national average cash corn price rose 1/4 cent to $3.91 1/4. Training support was noted from the vigor of wheat and soybeans.
The average December corn futures close of $4.22 should be the crop price for crop insurance. That’s 6 cents more than last year’s crop and 48 cents less than the spring price.
Ukraine’s corn exports totaled only 0.8 MMT in October, a significant drop from 1.73 MMT last year, according to the Minister of Economy. Argentina’s corn harvest was estimated at 35% of plantings, according to the Buenos Aires Grain Exchange.
Brazilian agency AgRural estimates that the first corn harvest is 60% forecast for Thursday, just 1 percentage point ahead of last year.
December 25 Corn closed at $4.31 1/2, up 1 1/4 cents, currently up 1 cent
Nearby cash was $3.91 1/4, up 1/4 cent,
March 26 Corn closed at $4.44, up 1/4 cent, currently up 1 cent
On May 26, corn closed at $4.52 1/4, unch, currently up 1 1/2 cents
As of the date of publication, Austin Schroeder had (directly or indirectly) no position in any of the securities mentioned in this article. All information and data contained in this article are for informational purposes only. This article was originally published on Barchart.com
