Corn rallied in the afternoon and added 1 to 3 cents to the week’s move. For the week, Dec futures were up 4.29%. The carry (a.k.a contango) shrank to only 1 cent per bushel to March. USDA announced a private export sale of 100k MT of corn to unknown under the daily reporting system. The NWS 8-14 day forecast shows drier conditions for Midwest fieldwork during election week. CFTC data from Tuesday’s close showed managed money was 218,825 contracts net long for corn. That was up 47,956 contracts on 17,404 contracts more OI. Managed money has not been this net long since March of ’18. Commercials added 118,385 new shorts, expanding their net short 80k contracts to 469,159.
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Dec 20 Corn closed at $4.19 1/4, up 3 cents, |
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Mar 21 Corn closed at $4.20 1/4, up 2 cents, |
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May 21 Corn closed at $4.21 1/4, up 1 1/2 cents, |
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Jul 21 Corn closed at $4.20 1/4, up 1 cent, |
--- provided by Brugler Marketing & Management
