Corn Jul '22 (ZCN22)
Corn Futures Market News and Commentary
Corn futures found late strength on Friday with contracts 2 ¾ to 6 ½ cents higher across the board. September was 24 ¾ cents higher on the week, with December rallying 25 ¼ cents. September options expired today. The CmdtyView national average Cash Corn price was up 5 cents at $4.52 ½.
USDA reported 205,000 MT of corn sold during the reporting period to unknown destinations this morning.
Following this week’s Crop Tour, Pro Farmer estimates the US national yield at 173.2 pba, with production at 15.344 bbu.
Weekly CFTC data tallied managed money spec traders in corn futures and options at a net long of 250,505 contracts by 8/18. That was a 83,735 contracts increase on the week, coming from a mix of new length and shorts covering.
USDA Export Sales data from Thursday now has old crop corn commitments at 87.74 MMT, which is 24% above last year. That is also 102% of the USDA projection and matching the pace from last year. Accumulated sales for new crop are now... Read more
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