Corn Gains ahead of Weekend

Corn futures came back down from the highs on Friday, but still ended the session 3/4 to 1 3/4 cents higher. The Friday gain followed 4 previous days of losses and futures were 3.5% lower wk/wk. NOAA’s 5-day QPF shows limited moisture returning this weekend into early next week. The rain band is expected to bring of 3/4” to 1 3/4” of accumulated rain from Michigan to Oklahoma covering all of IN, IL, and MO. In general, the Midwest forecasts lean cooler and drier than normal for the next two weeks. The weekly CFTC Commitment of Traders update this afternoon had managed money at 95,912 contracts net long for corn on 9/22. That was a 37,356 contract increase to their net position wk/wk on 5,102 contracts lower OI. Commercials extended their net short 35,471 contracts to 299,308.

Dec 20 Corn closed at $3.65 1/4, up 1 3/4 cents,

Mar 21 Corn closed at $3.73 1/4, up 1 cent,

May 21 Corn closed at $3.78 3/4, up 1 cent,

Jul 21 Corn closed at $3.82 1/2, up 1 cent,

--- provided by Brugler Marketing & Management




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