Coming out of the weekend, corn futures are down by 2 pennies to a nickel in the front months. Overnight action had prices higher initially, with Dec having gotten to $6.80. Friday action in the corn market was back and forth, with Dec printing a 13 cent range for the day. At the settle, however, the board near UNCH with prices fractionally mixed. Through the week corn futures lost a net 7 3/4 cents (1.13% December).
The weekly Commitment of Traders report showed major net new buying in corn from managed money funds during the week that ended 9/13. That extended their net long 14,164 contracts (6.25%) to 240,643 contracts. Commercial corn traders added 5,271 contracts of new short hedges but weakened their net short 1.6k contracts to 154.9k.
Traders expect NASS to show US corn harvest about 11% done, running ahead of the 8% average pace. Crop condition ratings are expected to be close to last week at 54% good/excellent.
Dec 22 Corn closed at $6.77 1/4, down 1/4 cent, currently down 5 cents
Nearby Cash was $6.75 3/8 on Friday, down 1 3/8 cents,
Mar 23 Corn closed at $6.83, up 1/4 cent, currently down 4 3/4 cents
May 23 Corn closed at $6.83 1/2, up 3/4 cent, currently down 4 3/4 cents
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