Rolling Hills Gin -

The corn market is trading with 1 to 2 cent gains so far on Monday morning after a weaker start to the Sunday night open. Corn futures were feeling pressure on Friday, with losses of 3 to 8 cents, as the front months took the brunt of the hit. March still held the gains prior to the Friday session, up 5 ½ cents in the week. Preliminary open interest was down 12,108 contracts Friday, with 53,160 contracts of that in March as the Goldman roll was underway. The national average Cash Corn price from cmdtyView was back down 7 3/4 cents at $4.53 3/4. President Trump has released a statement saying he will announce reciprocal tariffs on many countries next week. Traders were taking a risk off approach ahead of the weekend.

Commitment of Traders data from CFTC Friday afternoon showed a total of 13,496 contracts added to the large managed money spec fund net long as of 2/4. That net position stood at 364,217 contracts, as the number of outright longs was a record 447,897 contracts. 

Export Sales has total US export commitments for the marketing year at 44.767 MMT, which is a 28% increase from last year. That is 72% of USDA’s estimate, compared to the 70% average pace.

Brazil corn exports during January totaled 3.594 MMT, which was a 4-year low for the month. That was down 25.2% from last year and 15.75% below the previous month. AgRural pegs the Brazilian first corn crop at 18% harvested as of last Thursday, with the second crop 20% planted.

Mar 25 Corn  closed at $4.87 1/2, down 7 3/4 cents, currently up 1 cent

Nearby Cash  was $4.53 3/4, down 7 3/4 cents,

May 25 Corn  closed at $5.00 1/2, down 7 cents, currently up 1 cent

Dec 25 Corn  closed at $4.66, down 3 3/4 cents, currently up 1 3/4 cents

New Crop Cash  was $4.34 5/8, down 4 1/2 cents,