Corn Continuing Losses to Start New Week
Corn is continuing the slide to start the week, as contracts are down 1 to 4 cents on Monday morning. The corn market selloff extended into the Friday close, as front months were down 11 to 12 cents and new crop December losing 6 ¾ cents. March ended the week with a loss of 37 ¾ cents (-7.68%). There were 220 deliveries issued against March futures overnight, all by a Marex customer. CmdtyView’s national average Cash Corn price was 11 cents lower at $4.23.
The spring crop insurance price this year is set at $4.70, the average December corn close for February. That is 4 cents above the year prior and set the soy/corn ratio at 2.24 vs. the soybean crop insurance price, the lowest ratio since 2012.
Managed money spec funds in corn futures and options were backing off of their large net long position in the week that ended on February 25 by 16,079 contracts. That was mainly via longs exiting, with a net long of 337,454 contracts by Tuesday.
President Trump’s 25% tariffs on Mexico and Canada are still set for a March 4 start date after some back and forth last week.
Mar 25 Corn closed at $4.53 1/2, down 11 1/4 cents, currently down 3 3/4 cents
Nearby Cash was $4.23, down 11 cents,
May 25 Corn closed at $4.69 1/2, down 11 1/2 cents, currently down 4 cents
Dec 25 Corn closed at $4.55, down 6 3/4 cents, currently down 1 3/4 cents
New Crop Cash was $4.20, down 8 1/4 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. For more information please view the Barchart Disclosure Policy here.