Corn Market Down 1 to 2 Cents
After last week’s gains, corn is 1 to 2 cents lower to start the new week. On Friday, corn rallied in the afternoon and Dec futures were up 4.29% for the week. Short covering was noted in December, with net new buying for March and May. CFTC data released Friday using Tuesday’s close showed managed money was 218,825 contracts net long for corn. That was up 47,956 contracts in a week on 17,404 contracts more OI. Managed money has not been this net long corn since March of ’18. Commercials added 118,385 new shorts, expanding their net short 80k contracts to 469,159. Trade ideas for US corn harvest completion are running 73 to 78%.
--- provided by Brugler Marketing & Management
