Corn Get Some Strength After Rough Week for the Bulls
Corn futures faded most of the losses from earlier in the week as contracts closed with 4 to 6 cent gains across most contracts on Friday. A weaker dollar and possible short covering added support.
Friday’s CFTC release from USDA showed spec funds cutting back on their large net short position in corn futures and options by 23,453 contracts as of July 30. They held a net short of 295,096 contracts on Tuesday.
StoneX expects the US corn crop to average 182.3 bpa this year, with a crop size a 15.207 bbu. They project IA and IL yield at 210 bpa, with IN at 205 and NE printing a 193 yield.
Sep 24 Corn closed at $3.86 1/2, up 4 1/2 cents,
Nearby Cash was $3.76, up 3 3/4 cents,
Dec 24 Corn closed at $4.03 1/4, up 4 3/4 cents,
Mar 25 Corn closed at $4.20 3/4, up 5 1/2 cents,
New Crop Cash was $3.67 1/4, up 5 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.