Corn Futures Market News and Commentary
Most of the corn futures contracts finished the last trade day before the holiday break with losses of 1/4 to 3/4 cents. July corn futures closed 1/4 higher at $3.18. The US and China continue to make posturing statements about various issues, but the background concern is negative GDP growth in China and how soon they turn that around. Both countries are signaling that Phase One purchasing commitments are still in effect, but actual Chinese buying has lagged those levels. Some areas are reporting too much moisture for planting or drowned out spots. Others still need a drink. It is a big country! The weekly Commitment of Traders update from CFTC showed corn specs were net sellers of 245,386 contracts on May 19. Managed money funds gained 33,948 new shorts on the week.
Jul 20 Corn closed at $3.18, up 1/4 cent,
Sep 20 Corn closed at $3.22 3/4, down 1/4 cent,
Dec 20 Corn closed at $3.32 3/4, down 1/4 cent,
Mar 21 Corn closed at $3.4... Read more