Corn is trading near steady on Monday morning, with contracts steady to fractionally higher. The corn market held onto gains on Friday, despite pulling off the highs into the close. Futures were fractional to 2 cents higher across most contracts, as December was up 9 ½ cents last week. Friday’s preliminary open interest was down 7,270 contracts. The CmdtyView national average Cash Corn price was up 1 1/4 cents at $3.81 1/2.
December corn futures have had an average close of $4.18 so far in October, used to determine the harvest price for crop insurance. That is below the $4.70 from February but above the $4.16 harvest price last year.
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Harvest should continue in the next week for much of the Western Corn Belt, with the ECB seeing 1-3 inches. That should put a slowdown on any later harvest, though it will add back to some lower river levels along the Mississippi. Yield results thus far for some have been below expectations.
Brazil’s first corn crop was estimated at 51% planted in the south center region according to AgRural. That is slightly ahead of the 48% pace last year.
Dec 25 Corn closed at $4.22 1/2, up 3/4 cent, currently unch
Nearby Cash was $3.81 1/2, up 1 1/4 cents,
Mar 26 Corn closed at $4.36 1/2, up 1 cent, currently up 1/2 cent
May 26 Corn closed at $4.45, up 1 1/4 cents, currently up 1/2 cent
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