Corn futures are posting 1 to 2 cents losses at midday on Turnaround Tuesday, pulling back from early morning strength. The national average Cash Corn price from cmdtyView is down 2 cents at $4.40 1/4.
Commitment of Traders data showed a managed money spec funds adding 24,540 contracts to their net long position as of January 7, to a net long of 253,346 contracts. Commercials were listed as adding 22,497 contracts to their net short at 448,332 contracts as of last Tuesday.
CONAB numbers were released this morning, with the Brazilian corn crop trimmed just slightly by 0.08 MMT to 119.55 MMT.
Mar 25 Corn is at $4.74 3/4, down 1 3/4 cents,
Nearby Cash is at $4.40 1/4, down 2 cents,
May 25 Corn is at $4.85 1/4, down 1 1/2 cents,
Jul 25 Corn is at $4.89, down 1 cent,
On the date of publication,
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