Corn futures are trading red this morning after a solid rally last week. Corn futures fought off end of week profit taking to end the Friday session with gains of 1 to 4 cents. On the week, Dec corn was up a total of 55 ¾ cents, a 9.88% move. The weekly Ag Energy Roundup report from USDA had the week’s average corn oil price as 63 cents/lb. That compares to 58.5 c/lb last week.
CFTC’s Commitment of Traders data from Friday afternoon showed specs in corn futures and options trading trimming 4,515 contracts from their net long position as of 7/26. That took the total position to net long 120,788 contracts by Tuesday. Commercials cut 17,861 contracts from their net short position to -358,075, the smallest since September 2020.
USDA will release their monthly Grain Crushing data for June after the close, with Crop Progress an hour later. Traders are expecting a 1-2% decline in the portion of the crop rated good/ex, with a 3-4 point drop in the Brugler500 index.
Sep 22 Corn closed at $6.16 1/4, up 1 1/4 cents, currently down 13 3/4 cents
Nearby Cash was $6.99 on Friday, UNCH,
Dec 22 Corn closed at $6.20, up 1 cent, currently down 14 3/4 cents
Mar 23 Corn closed at $6.26 1/4, up 1 cent, currently down 14 1/4 cents
New Crop Cash was $5.84 3/8 on Friday, up 1 1/8 cents,
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