Dry weather next 10 days for the Safrina corn crop in Brazil. Corn gapped 3 ½¢ higher out of the chute Sunday night and has been working higher since. Overnight high on CK21 to this point still near 5¢ below Thursday’s contract high of $6.01 ½.
At 0600 CK21 trading 10¢ higher at $5.95 ½ on volume of near18K contracts. SK21 up 12 ¾¢ at $14.46 with near 15K contracts trading. KC, Chi and MW all higher as well.
Outside markets have Dow futures off 64 points at 34.017. Crude a dime lower at $63.01. US $ Index hammered this morning at 91.04.
CFTC data Friday showed Funds not as long as trade estimates with a near 30K contract miss. Updated with CFTC date we now have them net long 410K corn and 156K soybeans.
Corn open interest up just over 6K contracts Friday, the 8th straight session of increasing OI.
Snowing in parts of southern SD, northern NE, and NW IA this morning. High temp for central Iowa over the next 10 days forecast at 71°.
Expected ‘21 corn and soybean profitability near equal before the Prospective Plantings report but the dynamic has shifted to favor corn by $40/acre. Spot ratio at 2.41 up from a low of 2.37 on the 14th. Last fall a 2.8 was printed.
FND on May futures a week from Friday, April 30th. No deliveries expected.
CKCN at 12¢ this morning. SKSN at 10 ½¢. CK21 has 326K contracts of open interest with SK21 showing 187K.
Morning weather headlines - Cold and snow this week in the Midwest. Dry weather to further increase dryness for Safrina corn. Widespread rain to favor wheat in the Black Sea Region.
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