Corn Futures Market News and Commentary
Corn futures are starting off Monday 6 to 8 cents higher. May futures ended the Friday session 4 1/2 cents in the red, which limited the week’s gain to 8 1/4 cents. The other front months closed UNCH to 3 cents weaker.
The weekly CoT report showed managed money was 401,993 contracts net long in corn as of 4/13. That came after a 15,860 contract spec buying program through the week, pushing their long position to the largest since the week of 01/18 of 2011. Their net position (futures & options) was also the most net long since then. Commercials provided the sell paper, adding 45,492 new shorts on the week leaving them 735,606 contracts net short.
Trade ideas for US corn planting progress are running 8 to 11%, with 8% being the five year average pace for this date. Some cash corn prices over $6.00 per bushel are popping up in the central US.
May 21 Corn closed at $5.85 1/2, down 4 1/2 cents, but up 8 this morning
Jul 21 Corn closed a... Read more