Corn futures saw contracts pull off their lows prior to midday, but finished out the day weaker, down 2 to 5 cents on the day. The September contracts lost 6 ¼ cents on the week, with December down 2 ½ cents.
Commitment of Traders data showed spec funds in corn futures and options adding 6,462 contracts to their net short position as of August 13. They were net short a total of 249,007 contracts by that date. Commercials were back to a net long position, at 9,633 contracts, a 21,090 contract move on the week.
Yield prospects still remain the topic of conversation after USDAs record projection from Monday. The market will be keeping an eye on several industry crop tours, whether digital, virtual, or in person, that started this last week or are expected to start next week.
The weekly Export Sales report saw total commitments for the 2023/24 crop push to 55.817 MMT. That is 98% of USDA’s forecast total for the marketing year, with the 5-year average at 103% of that projection. Accumulated shipments have totaled 50.744 MMT, which is 89% of the projection, vs. the typical 96%. Actual Census data does show exports well ahead of the FAS data.
Sep 24 Corn closed at $3.70 1/2, down 4 1/2 cents,
Nearby Cash was $3.58 5/8, down 5 cents,
Dec 24 Corn closed at $3.92 1/2, down 4 1/2 cents,
Mar 25 Corn closed at $4.11, down 4 3/4 cents,
New Crop Cash was $3.54 3/4, down 3 3/4 cents,
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.