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Headlines
- Corn prices are slightly down this morning, with futures closing 4 to 6.25 cents lower on Friday. December futures are up 5.25 cents for the week.
- Export Sales data for the week ending August 29 shows a reduction of 173,097 MT in old crop corn, with new crop sales reaching 1.822 MMT. Mexico accounted for a significant portion of the new crop purchases.
- The Commitment of Traders report reveals speculators reduced their net short position to 176,211 contracts, while commercials increased their net long position. Brazilian corn acreage is expected to decrease slightly, but production is forecasted to rise.
Corn prices are experiencing a modest decline this morning, with futures trading about 1 cent lower. On Friday, contracts ended 4 to 6.25 cents lower, although December futures showed a gain of 5.25 cents over the week. There were 45 deliveries issued against September futures overnight.
Export Sales data for the week ending August 29 revealed a reduction of 173,097 MT in old crop corn, which aligns with typical trends for the final week of the marketing year. New crop sales reached a notable 1.822 MMT, with Mexico purchasing 806,000 MT and 475,800 MT sold to unidentified destinations. Forward sales for the new crop have surged to 11.24 MMT, an 8% increase compared to the same period last year and approaching the highest levels of the past decade.
The Commitment of Traders report from Friday afternoon indicated that speculators have reduced their net short position to 176,211 contracts as of Tuesday, the smallest net short position since May 28. Commercials have also increased their net long position by 57,784 contracts to a net short of 75,640 contracts, primarily due to long liquidation.
In Brazil, Safras estimates that the corn acreage for the 2024/25 season will decrease slightly to 51.57 million acres. However, production is expected to rise to 133.57 MMT, exceeding last year's figures.
