Barchart corn Prices and Corn Futures Prices

By Justin Jones Last updated Dec 6, 2022

Barchart corn Prices and Corn Futures Prices: Corn prices have dropped somewhere from 4 1/4 and 7 cents so far for report day. Today is also the FND for the July contract, with the announcement of the longest open position (but most likely not any deliveries) to come after the conclusion of trading.

Barchart corn Prices and Corn Futures Prices

Corn futures for the front month concluded the day yesterday with losses ranging from 5 1/2 to 6 1/4 cents. The only month to see a rise was July when prices went up 10.75 cents. Because of this, the board is now only 2 and a quarter cents away from filling the gap out of 6/17. According to preliminary data on open interest, short covering and a general exodus occurred in the month of July (down 33,993 contracts overall).

A range of between two hundred thousand and seven hundred thousand metric tonnes is expected to have been sold of old crop corn when the weekly Export Sales report is released. It is anticipated that sales of the new crops would be reported at fewer than 500,000 MT.

Corn in the bins was anticipated to range between 4.07 and 4.5 bbu by dealers polled for the Grain Stocks report that was released on June 1. An increase of 5.6 percent year on year is projected for the average 4.345 bbu estimate. It is anticipated that new crop acreage estimates would rise, with the average calling for an additional 280 thousand acres as compared to the data from March. The total spectrum of possibilities spans from 88.4 million to 91 million acres.

The EIA has made public its production figures for ethanol, which cover the week that concluded on June 24 and show an average daily production of 1.051 million barrels. That was a modest decrease from the 1.055 million BPD recorded the previous week. Although ethanol stocks increased last week, they decreased by 730 thousand barrels, bringing the total to 22.746 million barrels.

Barchart Corn Price Index Family

The Barchart Corn Price Index family is comprised of a number of volume-weighted indexes and price assessments. These indices and assessments are designed to represent fair value pricing for corn that is physically traded throughout the United States. The indexes are created on an ongoing basis, and they make use of an intricate – but openly discussed – weighting method. This helps to ensure that the prices are objective and accurately reflect the economics of the underlying market.

There are approximately 800 separate front-month indices, and they are calculated based on the prices that are given by over 4,000 different grain buying sites. These levels include the county, crop reporting district, state, regional, and national levels. There are almost 10,000 target prices for corn that are calculated each day as a result of the use of forwarding curves that extend out a full year for each index area. There is information accessible on historical events up until the beginning of 2014.

Major growing zones are divided into the following regions:

Eastern – Illinois, Indiana, Kentucky, Michigan, Ohio, Wisconsin
Western – Iowa, Kansas, Minnesota, Nebraska, N. Dakota, S. Dakota
Delta – Arkansas, Louisiana, Mississippi, Missouri, Tennessee

The indices are driven by the most accurate grain prices in their respective categories, which are provided by Barchart. Additional pricing, such as basic values and information regarding forward curves, are only accessible to members of cmdtyView®, the industry-leading platform for commodity trading, or other data products made available by Barchart. This is the case even if cmdtyView® is offered by Barchart.

Double Digit Strength For Monday Corn

Coming out of the weekend, corn prices are making their way up by double digits heading into the start of the new week. Corn futures for the front month finished the trading session on Friday with losses ranging from 7 to 11 /12 cents. This resulted in a loss of 39 and a half cents for the month of December for the week. Dec also broke through the low set on 7/6.

According to the data provided by the CFTC, corn speculators closed 24,916 of their open long positions by the week of July 19th. This resulted in the group having a net long position of 125,303 contracts. Corn dealers in the commercial sector were reducing their net short position by 35.5 thousand contracts as a result of opening fresh long hedges and closing short hedges. Since October of 2020, this is their weakest net short position, which stands at 375,936 contracts.

The International Grains Council forecasts that there will be 1.189 billion metric tonnes of maize produced, which is 1 MMT less than their prediction from June due to the current state of global dryness. That is still a decrease of 31 MMT compared to the previous year. The takeout and delivery market was left at 271 MMT, which is still 14 MMT lower year over year.

According to BAGE’s estimates, 67.2 percent of the corn harvest has been completed.

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