Corn Market Fractionally Mixed This Morning

Corn futures are fractionally mixed this morning. On Friday, Dec corn traded with a 6 cent range but ended the session down by 3 @ $3.79 3/4 per bushel. Preliminary open interest data showed net new selling on Friday, with OI rising 18,478 contracts. The weekend profit taking reduced the net gain for the week to 14 1/2 cents higher. All of that gain came on the Wednesday USDA data revisions. CFTC data showed managed money extended their net long by 10,908 contracts to 106,820 as of 9/29. 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. Traders expect USDA to show 22-24% of the US corn crop has been harvested.

--- provided by Brugler Marketing & Management

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