Corn Falls into the Weekend

Corn futures faded lower into the weekend across most contracts. Futures were down 2 to 4 cents in the front months, as they closed out the week. A few deferred contracts were steady to 1 ¾ cents higher.

Following their near week-long Crop Tour Pro Farmer released their projected US yield number at 181.1 bpa this afternoon, with production at 14.979 bbu. That came In below the 183.1 bpa and 15.147 bbu estimates from USDA. 

Weekly Commitment of Traders data showed spec funds in corn futures and options adding another 8,889 contracts to their net short position, at 257,869 contracts by August 20. Commercials added another 5,036 contracts to the net long position at 14,669 contracts by Tuesday. 

Weekly Export Sales data old crop corn export commitments at 55.936 MMT, or 38% above the same time last year. That is 98% of the USDA projection lagging the 103% average pace, though actual Census data is running ahead. New crop forward sales are now 7.924 MMT, a 7.8% improvement above the same week last year.

Two separate South Korean corn tenders were issued and filled overnight, with purchases combining for 133,000 MT and South American origin expected.

Sep 24 Corn  closed at $3.67 3/4, down 3 3/4 cents,

Nearby Cash  was $3.56 5/8, down 3 3/4 cents,

Dec 24 Corn  closed at $3.91, down 2 1/2 cents,

Mar 25 Corn  closed at $4.09 1/2, down 2 cents,

New Crop Cash  was $3.47 3/8, down 4 1/4 cents,