Corn futures are 6 to 7 ¾ lower this morning. Corn futures ended the Friday session with an 8 cent gain in the Sep contract vs. 3 3/4 cent gains for the other front months. September was down 6 cents net for the week. Preliminary open interest data for Friday showed short covering in September futures and modest net new buying in the others. The index fund roll period is underway, rolling September contracts to December.
Northern IA, southern WI and northern IL got 2-4” rains over the weekend (72 hour totals), as the rains went further south than the GFS model had indicated on Friday. Rains were also active in MN and northern IN.
Two more vessels with 66,000 MT and 44,000 MT of corn respectively left Ukraine on Sunday. IHS Markit reduced their outlook for the US national corn yield from 179.5 to 176.9 bpa.
Weekly CFTC data showed managed money spec funds were buying corn through the week that ended 8/2. The 6.3k new longs and 2.8k fewer shorts left the spec funds 129,921 contracts net long. Commercials were also adding 4k new hedges through the week, taking their net short to 362,067 contracts.
Argentina’s BAGE reported corn harvest reached 81.4% complete as of 8/4. France’s Ag Ministry estimated the corn crop at 12.66 MMT, down 19% from last year’s crop citing dryness. FranceAgriMer reported 63% of the crop was good/very good as of 8/1, compared to 68% last week.
Sep 22 Corn closed at $6.10 1/4, up 8 cents, and 6 lower this morning
Nearby Cash was $6.85 1/8 on Friday, up 7 cents,
Dec 22 Corn closed at $6.10, up 3 3/4 cents, and 6 lower this morning
Mar 23 Corn closed at $6.18, up 3 3/4 cents, and 6 ½ lower this morning
New Crop Cash was $5.75 5/8 on Friday, up 3 3/4 cents,
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