Corn Posts Strength on Friday to Close the Week Back to Where it Started
Corn futures were rallying back on Friday, with contracts up 7 to 8 ¾ cents. September managed to pull out of the week with a penny gain, as December was down just a tick. A win for the bulls considering there’s 1 billion more bushels on the balance sheet than the week started with. The CmdtyView national average Cash Corn price was up 8 1/2 cents at $3.63 3/4.
Precip is limited over the next week for much of the Corn Belt, with exception to the central-eastern portion of the Dakotas, MN, northern IA, WI, MI and the extreme northern portion of the ECB.
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The large managed money spec funds in corn futures and options added 2,364 contracts to their net short as of 8/12. They took that to 176,114 contracts by Tuesday.
Thursday morning’s Export Sales report took old crop commitments to 70.533 MMT, which is 98% of USDA’s estimate and behind the 103% average. Actual Census data is running ahead of the FAS data. New crop is at 13.825 MMT, which is the second largest on record for this week.
Sep 25 Corn closed at $3.83 3/4, up 8 3/4 cents,
Nearby Cash was $3.66 3/4, up 8 1/2 cents,
Dec 25 Corn closed at $4.05 1/4, up 8 cents,
Mar 26 Corn closed at $4.22 1/2, up 8 1/2 cents,
New Crop Cash was $3.61 3/8, up 7 1/2 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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