Corn Market Commentary

Corn futures closed the Friday session with most contracts steady to a penny higher. Gains in wheat and short covering helped, but December’s still posted a 4.16% loss since last Friday. Rains are expected over the next week along the northern part of the Corn Belt according to the 7-day QPF model. The big spec funds in corn futures and options added 6,586 contracts to their CFTC net short position of 63,470 contracts as of last Tuesday. Total export commitments for corn through the week of 9/6 (including the first 6 days of shipments and all unshipped sales) totaled 25% of the USDA export projection of 2.4 bbu. The average for this date is 24% complete. An auction of Chinese state reserves saw 1.026 MMT of corn sold on Friday, totaling 25.69% of the amount offered.

Sep 18 Corn closed at $3.37, up 3/4 cent,

Dec 18 Corn closed at $3.51 3/4, up 1 1/4 cents,

Mar 19 Corn closed at $3.63 3/4, up 1 cent

May 19 Corn closed at $3.72 1/4, up 1 cent

Market Commentary provided by:

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