Corn Closes July with Weakness
Corn futures posted losses of 1 ½ to 5 cents on the Friday session, as September and December both closed the week with a 23 ½ cent loss. Spillover weakness from wheat, rains, and month end pressure is a factor. December was still up 28 cents on the week. The CmdtyView national average Cash Corn price was down 6 cents at $4.10.
Weekend rains are expected in parts of Eastern IA, Southern WI/MI, IL, IN, and OH.
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CFTC data released on Friday afternoon showed managed money adding 75,490 contracts to their net long in corn futures and options in the week of July 28. The net long was at 168,399 contracts as of Tuesday.
Export Sales data has old crop corn sales at 86.975 MMT, which is 103% of the USDA number and ahead of the last few years’ pace. Accumulated shipments are 76.373 MMT, or 90% of the USDA export projection. New crop corn sales are now just 0.1% above the same period last year at 8.624 MMT.
Sep 26 Corn closed at $4.40 3/4, down 5 cents,
Nearby Cash was $4.10, down 6 cents,
Dec 26 Corn closed at $4.64, down 4 1/2 cents,
Mar 27 Corn closed at $4.79 3/4, down 4 3/4 cents,
New Crop Cash was $4.12 1/2, down 6 1/4 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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