Corn Dec '21 (ZCZ21)
Corn Futures Market News and Commentary
Corn futures closed out the week with 4 to 10 ¼ cent losses in most contracts. May Futures expired at $7.94 ½. July was down 3 ½ cents on the week, with new crop December up 28 cents.
USDA’s WASDE did show some bull friendly numbers on Thursday. However, the 7-day QPF shows drier weather over the next week, which should allow planting progress to catch up on the lag. Much of the Western Corn Belt has less than half an inch expected, with the ECB seen at around an inch over the next week. USDA did note the lag in planting progress as a reason for the 177 bpa yield, below the weather adjusted trend yield from back in February.
Following the Export Sales report on Thursday morning, US corn export commitments are now 92% of the USDA forecast, 2% below normal. Actual exports are 65% of that number, even with normal. USDA did leave their projection unch on Thursday, at 2.5 bbu.
The weekly CFTC Commitment of Traders report showed spec traders in corn futures and options... Read more
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Overview, July Wheat and latest Video using Fibonacci retracements
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