Corn futures collapsed into the close, with contracts ended the week with 3 ¼ to 8 ½ cent losses across the board. The limited the gains for the week, with July up just 1 ¼ cents and December picking up 3 cents.
NOAA’s 7-day QPF shows heavy precip total from Central KS through NE and western IA to MN and the Dakotas over the next week. The Eastern portions of the Corn Belt are expected to remain relatively dry in that period.
Friday afternoon’s CFTC Commitment of Traders report showed spec traders in corn futures and options trimming just 427 contracts from their net short in the week of 6/11. That took them to -212,279 contracts on that date. Commercials were increasing their net short by 11,952 contracts to 65,00 contracts.
Jul 24 Corn closed at $4.50, down 8 1/2 cents,
Nearby Cash was $4.34 7/8, down 8 1/4 cents,
Sep 24 Corn closed at $4.57, down 6 1/2 cents,
Dec 24 Corn closed at $4.70 1/4, down 5 3/4 cents,
New Crop Cash was $4.34 1/2, down 5 3/4 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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