Corn Mar '20 (ZCH20)
Corn Futures Market News and Commentary
Nearby contracts for corn rose by 3 1/4 to 3 3/4 cents on Friday, pushing the futures to a 4 1/4 cent gain on the week. Corn futures were again shorted by the spec traders. Their net position grew by 29,664 contracts wk/wk which was the largest wk/wk move since September 17th. Trade talk has JBS interested in importing corn from Argentina to meet needs in Brazil ahead of new crop harvest. Aggressive exporting has drained Brazilian supplies. Managed money has now been net short in corn for 17 consecutive weeks in the CFTC report. US and China have agreed to a Phase One deal, with the Chinese willing to include increased imports of US corn as part of the deal. Quantity is a big question mark. US Export commitments of corn are now 44% behind the same week last year, the smallest that gap has been since the beginning of the MY. Compared to the USDA projection, which was left unch on Tuesday, combined shipped and unshipped sales are 33% complete vs. the 50% average. Exports are 15% of th... Read more
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