Corn Lower into Weekend

Dec corn traded with a 6 cent range but ended the session down by 3, the weakest of the front month futures, to $3.79 3/4 per bushel. The weekend profit taking only limited the week’s move to 14 1/2 cents higher. President Trump has tested positive for the coronavirus, prompting a flight to cash ahead of the weekend due to uncertainty about the eventual severity of the disease. CFTC data showed managed money extended their net long by 10,908 contracts to 106,820 as of 9/29. Managed money OI for corn was down 8,064 contracts from week to week. Brazilian corn exports were 6.6 MMT for September, up 160k from Sept ’19. IHS Markit lowered their corn yield forecast to 177.8 bpa with 14.812 billion bushels of production.

Dec 20 Corn closed at $3.79 3/4, down 3 cents,

Mar 21 Corn closed at $3.89 1/4, down 2 3/4 cents,

May 21 Corn closed at $3.94 3/4, down 2 1/2 cents,

Jul 21 Corn closed at $3.98 1/2, down 2 1/2 cents,

--- provided by Brugler Marketing & Management

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