Corn Futures Market News and Commentary
Corn futures head into the weekend with 5 1/4 to 14 1/2 cent losses on Friday. July futures were the weakest on the day, reducing the inverse to 74.75 cents. Despite the double digit loss on the last day of the week, July corn was still up 1 3/4 cents from Friday to Friday. December futures were up 19 ½ cents for the week.
USDA’s weekly drought report noted that 35% of US corn area is experiencing some form of drought, which was up from a 24% reading last week. The updated 7-day QPF shows a return to dryness for the coming week after several areas got good rain totals this week and some were in fact flooding.
CFTC data showed managed money funds were 275,599 contracts net long as of 6/8. That was a 14,337 contract weaker net long vs. the previous week as spec fund OI dropped 1,533 contracts. Commercial positions added longs, reducing their net short to 603,651 contracts.
Buenos Aires Grains Exchange updated their 2020/21 corn production forecast to 48 MMT. They... Read more