Corn prices are starting off the week with gains of 3 to 4 ½ cents Futures couldn’t hold initial gains on Frida, as quite a few markets sold off going into the weekend. Net changes were fractional, down ¾ to up ½ cent per bushel. Fairly benign weather forecasts and less than desired export business limited buying interest. Preliminary open interest rose 2,024 contracts on the mixed futures day.
The 7 day QPF forecast calls for rains over widespread rains from Mexico to Virginia, with up to 5” accumulations. The Corn Belt has high humidity that will feed a lot of pop up showers, but accumulations for the week are projected to be mostly in the 0.1 to 0.25” range, with daytime highs rising into the 90’s by the end of the week.
Friday afternoon’s Commitment of Traders report did show the managed money spec funds cutting back their record large net short position in corn, ever so slightly. They reduced it by 10,587 contracts in the week ending July 16, leaving them net short 343,936 contracts.
Sep 24 Corn closed at $3.90 1/2, down 3/4 cent, currently up 3 1/2 cents
Nearby Cash was $3.83 3/8, down 3/4 cent,
Dec 24 Corn closed at $4.04 3/4, down 1/4 cent, currently up 4 1/4 cents
Mar 25 Corn closed at $4.18 1/2, down 1/4 cent, currently up 4 1/2 cents
New Crop Cash was $3.68 1/2, down 1/4 cent,
On the date of publication, Alan Brugler 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
