Corn futures ended the day 11 1/4 to 12 1/4 cents weaker on Friday. For December that completed the week as a net 1/4 cent loss.
CFTC’s weekly CoT report had managed money closing 25k longs and adding 46k new shorts during the week that ended 7/3. That flipped their net position back to 18,209 contracts net short. Commercials took the opposite approach with fewer short hedges in place and 33k new long hedges for a net 209,491 contract net short.
USDA reported old crop corn bookings were 251.7k MT in the weekly Export Sales report. That was an 80% increase from the prior week and compared to net cancellations from the same week last year. Traders expected between 0 and 500k MT of old crop business going in. New crop export sales were shown at 418k MT for the week, which left forward sales at 3.6 MMT. That is still half the volume coming into this season.
Sep 23 Corn closed at $4.87 1/4, down 11 3/4 cents,
Nearby Cash was $5.28, down 11 cents,
Dec 23 Corn closed at $4.94 1/2, down 12 cents,
Mar 24 Corn closed at $5.06, down 12 1/4 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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